Lacklustre Debut! Divine Hira Jewellers shares list flat at ₹90, same as IPO price

Divine Hira Jewellers IPO listing: Shares of Divine Hira Jewellers were off to a flat start on Monday, March 24, as they listed at ₹90 apiece on the NSE SME, the same as the issue price. However, the stock witnessed losses as the trade progressed, hitting the 5% lower price band of ₹85.50 as of 10.15 am.

Divine Hira Jewellers' initial public offer (IPO), which was open for subscription from March 17 to March 19, was a fixed-price issue, with an IPO price of ₹90 per share.

The company, engaged in the designing and marketing of premium 22 Karat gold jewellery, raised ₹31.84 crore via the fresh share sale of 35.38 lakh shares.

Retail investors could apply for one lot of 1600 shares and its multiples thereof, requiring a minimum investment of ₹1,44,000.

The company plans to use the funds raised via the IPO for prepayment or repayment of certain loans availed by the company, along with funding working capital requirements and general corporate purposes.

Horizon Management Private Limited is the book-running lead manager of the Divine Hira Jewellers IPO, while Bigshare Services Pvt Ltd is the registrar for the issue.

Divine Hira Jewellers IPO Subscription Status

At the end of the three-day bidding process, Divine Hira Jewellers IPO was booked 3.93 times, with the retail portion booked 6.62 times and the non-institutional buyers' portion garnering 1.2 times bids.

About Divine Hira Jewellers

Divine Hira Jewellers is engaged in the business of designing and marketing gold jewellery, mainly 22 Karat gold jewellery.

Apart from dealing in gold jewellery, the company also engaged in designing and marketing silver articles, bullions, and coins in Mumbai. Recently, it has ventured into curating and offering exquisite antique gold jewellery.

The company caters to a large number of wholesalers, showrooms, and retailers who buy their products in bulk quantities. It has its operations in Zaveri Bazar, Mumbai.

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