NSE SME Utssav CZ Gold Jewels crawls higher on debut

Shares of Utssav CZ Gold Jewels were quoting at Rs 115.55 on the NSE, a premium of 5.05% compared with the issue price of Rs 110.

The scrip was listed at Rs 110.05, a premium of 0.05% 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 115.55 and a low of Rs 110.05. About 20.68 lakh shares of the company changed hands at the counter.

Utssav CZ Gold Jewels' IPO was subscribed 31.68 times. The issue opened for bidding on 31 July 2024 and it closed on 2 August 2024. The price band of the IPO was set at Rs 104 to Rs 110 per share.

The IPO comprised fresh issue of 63,18,000 shares. The company intends to utilize the net proceeds towards utilization for funding working capital requirement of company and general corporate purposes.

Ahead of the IPO, Utssav CZ Gold Jewels on 30 July 2024, raised Rs 19.80 crore from anchor investors. The board allotted 18 lakh shares at Rs 110 per share to 13 anchor investor.

Utssav CZ Gold Jewels engaged in designing, manufacturing, wholesaling and exporting of 18Karat 20Karat and 22Karat CZ gold jewellery. The company specializes in light weight production of cubic zirconia (CZ) gold and rose gold casting jewellery. It manufactures and offers wide collection of products such as rings, earrings, pendants, bracelets necklaces, watches and broaches etc. As of 31 March 2024, the company has 69 permanent employees on its payroll.

The company recorded revenue from operations of Rs 275.95 crore and net profit of Rs 10.73 crore for the period as on 31 March 2024.

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