BSE SME Davin Sons Retail slips on debut

Shares of Davin Sons Retail were trading at Rs 46.20 on the BSE, a discount of 16% compared with the issue price of Rs 55.

The scrip was listed at Rs 44, at a discount of 20% compared with the initial public offer (IPO) price. The stock was currently frozen at an upper limit of 5% over its listing price.

The counter hit a high of Rs 46.20 and a low of Rs 41.90. About 1.78 lakh shares of the company changed hands at the counter.

Davin Sons Retail's IPO was subscribed 114.80 times. The issue opened for bidding on 2 January 2025, and it closed on 6 January 2025. The price of the IPO was set at Rs 55 per share.

 

The IPO comprised fresh issue of 15,96,000 shares. The promoter and promoter group shareholding diluted to 63.18% from 90.68% pre-IPO.

The company intends to utilize the net proceeds to finance the capital expenditure for purchase of warehouse, to part finance the requirement of incremental working capital, general corporate purposes and for the expenses of the issue.

Davin Sons Retail is engaged in the business of manufacturing and designing readymade garments, offering a diverse range of high-quality jeans, denim jackets, and shirts for other brands. The manufacturing garments process generally contains cutting, stitching, sewing, finishing, inspection, and packing. The company is one of the growing companies engaged in the business of manufacturing garments and distribution of FMCG products. The company had a total of 20 employees.

The company recorded revenue from operations of Rs 6.28 crore and net profit of Rs 0.73 crore for the period as on 30 September 2024.

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