The initial public offering (IPO) of Koura Fine Diamond Jewelry Limited, a small- and medium-sized enterprise (SME), witnessed a robust response from investors on its opening day. Subscriptions from both retail investors and non-institutional investors (NII) were fully subscribed on the first day itself. The IPO, which opened on March 6, 2024, is set to close on March 11, 2024.
Subscription Status:
On the first day, the SME IPO was oversubscribed by 26.92 times. Retail investors subscribed 46.66 times, while the portion reserved for non-institutional investors (NIIs) was subscribed 7.09 times. Bids were received for 2,50,32,000 shares against the 9,30,000 shares on offer.
Details of the IPO:
Koura Fine Diamond Jewelry IPO is a fixed price issue of ₹5.50 crore, comprising an entirely fresh issue of 10 lakh shares at ₹55 per share. The minimum lot size for an application is 2,000 shares.
Investment Requirements:
Retail investors need a minimum investment of ₹110,000, while high net-worth individuals (HNIs) need to invest in at least two lots, amounting to ₹220,000.
Allotment and Listing:
The allotment for the IPO is expected to be finalized on March 12, 2024, with the tentative listing date set as March 14, 2024, on BSE SME.
Key Players:
GYR Capital Advisors Private Limited is the book running lead manager, Kfin Technologies Limited is the registrar, and Giriraj Stock Broking is the market maker for the IPO.
Company Overview:
Koura Fine Diamond Jewelry is a jewelry wholesaler with experienced entrepreneurs in the industry. It supplies jewelry to retail jewelers, specializing in gold and diamond jewelry manufactured on a job work basis. The promoter of the company is Kamlesh Keshavlal Lodhiya.
Utilization of Proceeds:
The proceeds from the IPO will be utilized for funding working capital requirements and general corporate purposes.
Grey Market Premium (GMP):
The IPO’s grey market premium stood at ₹65, indicating a 118.8 percent premium over the issue price of ₹55, as per investorgain.com.
