BSE SME IPO of Koura Fine Diamond Jewelry subscribed 25.03 times

The offer received bids for 2.50 crore shares as against 10 lakh shares on offer.

The initial public offer (IPO) of Koura Fine Diamond Jewelry received bids for 2,50,32,000 shares as against 10,00,000 shares on offer, as per BSE data as of 17:00 hours on Wednesday (06 March 2024). The issue was subscribed 25.03 times.

The issue opened for bidding on Wednesday (06 March 2024) and it will close on Monday (11 March 2023). The price of the IPO is fixed at Rs 55 per share. The minimum order quantity is 2000 shares. The equity shares are proposed to be listed on the SME Platform of Bombay stock exchange.

The IPO comprises fresh issue of 10,00,000 shares. About 70,000 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 9,30,000 equity shares. The public issue and the net issue will constitute 27.77% and 25.82% respectively of the post issue paid up equity share capital of the company.

The company intends to utilize the net proceeds of issue to meet funding the working capital requirements of the company and general corporate purposes.

Koura Fine Diamond Jewelry engaged into the wholesale business of gold and diamonds jewelleries. The company sale wide range of jewellery products, including gold jewellery and diamond jewellery. The companys business model is B2B. The firm deals in two types of jewellery, 22 Karat Gold jewellery and 18 Karat Diamond jewellery. The company offers a diverse range of jewellery products and is dedicated to designing, manufacturing, and selling high-quality jewellery that includes necklaces, chains, rings and earrings. As of 31 December 2023, the company has 8 employees in various departments.

The company recorded revenue from operations of Rs 5.55 crore and net profit of Rs 1.3 crore for the period as on 30 September 2023.

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