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Massive debut! Varyaa Creations share price lists with 90% premium at ₹285 apiece on BSE SME
Massive debut! Varyaa Creations share price lists with 90% premium at ₹285 apiece on the Bombay Stock Exchange SME.
Varyaa Creations share price lists with 90% premium at ₹285 apiece on the Bombay Stock Exchange SME. Notably, Varyaa Creations issue price was just ₹150. However, thereafter, Varyaa Creations shares were locked in at the 5% lower circuit!
Varyaa Creations is a jewelry company (it trades in gold, silver, and other metals in bulk together with precious and semi-precious stones) that was looking to raise as much as ₹20.10 crore via the issue of 13,40,000 equity shares. Varyaa Creations IPO price issue price was fixed at ₹150 per equity share of face value of ₹10 each. Among the features that were highlighted during the IPO period was that Varyaa Creations revenues had jumped 112.55% in FY24 and profit after tax (PAT) has increased 36.13%.
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Varyaa Creations IPO had been rolled out on April 22 and closed on April 25. The issues lot size comprised of 1,000 shares.
By day 4, Varyaa Creations IPO subscription status was 3.59 times with the retail portion being subscribed 6.09 times, and NII portion by 1.08 times, revealed chittorgarh.com.
Going forward, the company's focus is on creating and promoting jewellery that it produces using job workers in Mumbai.
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Varyaa Creations promoters are Sarika and Pooja Naheta and they have over 20 years of experience in the jewellery and stone industries.
How the company will use the IPO proceeds?
Varyaa Creations will use the net proceeds to finance the opening of a new showroom, pay for its associated capital expenditures, buy inventory for it as well as spend on other general corporate purposes.
The registrar for the Varyaa Creations IPO was Bigshare Services Pvt Ltd and the book running lead manager was Inventure Merchant Banker Services Pvt Ltd. The market maker for Varyaa Creations' IPO was Svcm Securities.
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LiveMint says rivals of the company include Ashapuri Gold Ornament Ltd (P/E of 10.14) and PNGS Gargi Fashion Jewellery Ltd (P/E of 9.44).
