BSE SME Kizi Apparels climbs on listing day

Shares of Kizi Apparels were quoting at Rs 24.30 on the BSE, a premium of 15.71% compared with the issue price of Rs 21.

The scrip was listed at Rs 23.15, a premium of 10.24% over the initial public offer (IPO) price. The stock is currently frozen in its upper limit of 5% over its listing price.

The counter hit a high of Rs 24.30 and a low of Rs 22. About 13.68 lakh shares of the company changed hands at the counter.

Kizi Apparels' IPO was subscribed 109.65 times. The issue opened for bidding on 30 July 2024 and it closed on 1 August 2024. The price of the IPO was set at Rs 21 per share.

The IPO comprised fresh issue of 26,58,000 shares. The promoter and promoter group shareholding diluted to 56.35% from 85.36% pre-IPO.

The company intends to utilize the net proceeds for repayment of unsecured loans, long term working capital requirement and general corporate purpose.

Kizi Apparels engaged in manufacturing and trading of readymade garments through its own Showrooms, distributors and malls and online platform. The company has launched an e-commerce platform offering premium ethnic and Western women's apparel under the brand names ANUTARRA and KIZI, respectively. As on 1 August 2023, the company has total 15 permanent employees.

The company recorded revenue from operations of Rs 4.70 crore and net profit of Rs 0.20 crore for the period as on 30 June 2023.

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