Shares of Varyaa Creations were quoting at Rs 270.75 on the BSE, a premium of 80.50% compared with the issue price of Rs 150.
The scrip was listed at Rs 285, a premium of 90% compared with the initial public offer (IPO) price. The stock is currently frozen at its lower limit of 5% over its listing price.The counter hit a high of Rs 299.25 and a low of Rs 270.75. About 2.02 lakh shares of the company changed hands at the counter.
Varyaa Creations' IPO was subscribed 3.45 times. The issue opened for bidding on 22 April 2024 and it closed on 25 April 2024. The price of the IPO was fixed at Rs 150 per share.
The IPO comprised fresh issue of 13,40,000 equity shares. The promoter and promoter group shareholding diluted to 72.02% from 100% pre-IPO.
The company intends to utilise the net proceeds to finance the establishment of the new showroom, capital expenditure cost for the proposed new showroom, purchase of inventory for the proposed new showroom, purchase of inventory and general corporate purposes.
Varyaa Creations engaged in the wholesale trade of gold, silver, precious stones, and semi-precious stones. The company utilizes job workers located in Mumbai for their jewellery production. Their product portfolio encompasses necklaces, earrings, tops, rings, bracelets, bangles, gemstones (including diamonds, lab-grown diamonds, and pearls), and they offer customization options to cater to specific customer requests. The company will sell its products through its own online platform, www.bauleberry.com. As on 31 March 2024, the company has 8 employees.
The company recorded revenue from operations of Rs 17.18 crore and net profit of Rs 3.51 crore for the period as on 31 December 2023.
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