Varyaa Creations, a prominent player in the jewellery industry, made a spectacular debut in the stock market with its initial public offering (IPO). The IPO was listed with a 90% premium on a Tuesday, marking a standout start. However, shortly after the opening, the shares dipped into a profit-booking mode, hitting a lower circuit of 5%.
IPO Details
The company’s IPO was priced at ₹150 per share, significantly higher than its issue price of ₹285, showcasing a remarkable 90% increase. This IPO spanned from Monday, April 22nd, to Thursday, April 25th. The IPO comprised 1,340,000 equity shares at a face value of ₹10, collectively valued at ₹20.10 crore.
Company Profile
Varyaa Creations is engaged in the trade of gold, silver, other metals, and precious stones. It is focusing on jewelry manufacturing and branding in the current fiscal year. The company operates its manufacturing through job workers in Mumbai and is led by promoters Sarika and Puja Naheta, who have over 20 years of experience in the jewelry and gemstone industry.
Use of IPO Funds
The funds raised from the IPO are planned to be used for the inauguration of new showrooms, purchasing inventory for these showrooms, and other general corporate purposes.
Key Market Players
Bigshare Services Private Limited served as the registrar for the IPO, while Inventor Merchant Banker Services Private Limited acted as the book running lead manager.