Divine Hira Jewellers IPO GPM : Amid the turmoil in the stock market, the speed of public issue in the IPO market has slowed down. However, select companies are still entering the primary market, including Divine Hira Jewellers Ltd. The IPO, which will open next week, aims to raise around Rs 32 crore.
Divine Hira Jewellers IPO will open next week
The price band for the IPO has been fixed at Rs 90 per share. In this, investors can apply for at least 1600 shares, for which a minimum investment of Rs 1,44,000 will have to be made. The IPO will be open from March 17 to March 19. Divine Hira Jewellers Ltd is offering a fixed price issue of Rs 31.84 crore. The fresh issue comprises of 35.38 lakh shares. Promoters of the company include Hirachand Pukhraj Gulecha, Neeraj Hirachand Gulecha, Khushboo Neeraj Gulecha and Hirachand P Gulecha (HUF).
Divine Hira Jewellers Allotment of IPO
In the IPO structure, half of the public offer is reserved for retail investors, while the remaining half is allocated to non-institutional investors. The share allotment is expected to be finalised on March 20, and the shares will be credited to the demat accounts by March 21. The company aims to list its shares on the NSE SME on March 24.
According to market analysts, the grey market premium (GMP) for the IPO of Divine Hira Jewellers is zero rupees in the non-listed market. However, it does not reflect any premium or discount on the offer price in informal trading.
Divine Hira Jewellers Business
Divine Hira Jewellers Limited specializes in designing and marketing premium 22-carat gold jewellery. Operating as a wholesaler in Mumbai, Maharashtra, the company offers a product range of gold jewellery, silverware, bullion and coins. Her collection includes necklaces, mangalsutras, chains, garlands, rings, pendants, bracelets, bangles, kadas, coins and wedding jewellery.
In FY 2024, Divine Hira Jewellers reported a revenue of Rs. 183.41 crore and a profit after tax of Rs. 1.48 crore. In the current financial year till September 30, 2024, the revenue reached Rs 136.03 crore and the profit after tax was Rs 2.5 crore.
Where will the funds be used?
The funds raised through the IPO will be used for pre-payment or repayment of certain loans and to finance working capital requirements. In addition, it will support general corporate objectives. Horizon Financial Private Limited acts as the book-running lead manager to the IPO, while Bigshare Services Private Limited acts as the registrar to the issue.
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