SME IPO: Shoora Designs issue to open on Thursday. 10 things to know about the offer

economictimes.indiatimes.com:

Shoora Designs will open for public subscription on August 17. The issue closes on August 21.

Here are 10 things to know about the offer. 1) Company overview The company is engaged in the business of procuring rough diamonds through suppliers, internally planning and mapping rough diamonds, and out-souring the process of cleaving, laser cutting, and selling of the said polished cut diamonds to the wholesalers or retailers with business concentration predominantly in Surat.2) Industry overview As of February 2021, India’s gold and diamond trade contributed 7.5% to India’s Gross Domestic Product (GDP) and 14% to India’s total merchandise exports. The gems and jewellery sector is likely to have employed 8.23 million by 2022, from 5 million in 2020.3) Issue size The IPO is entirely a fresh equity issue of up to 4.24 lakh equity shares, aggregating up to Rs 2.03 crore.4) Price Band The company will offer its shares at a price band of Rs 48 apiece, and investors can bid for 3,000 shares in one lot.5) Financial performance For the year ending March 2023, the company has recorded revenue of Rs 2.10 crore and net profit of Rs 11.45 crore.6) Objects of the offer The net proceeds from the offer will be used for funding working capital requirements and other general corporate purposes. 7) Booking-running lead managers Swaraj Shares and Securities is acting as the lead manager for the issue, while KFin Technologies is the registrar.8) Issue structure About 50% of the offer is reserved for retail investors and the rest half is set aside for other investors.9) Important dates The IPO opens on August 17 and closes on August 21.

The final allotment will likely be made on August 24. The shares will likely get listed on August 29.10)