BSE SME IPO of Varyaa Creations subscribed 66%

Published on Apr 22, 2024 17:11

The initial public offer (IPO) of Varyaa Creations received bids for 8,92,000 shares as against 13,40,000 shares on offer, as per BSE data as of 17:00 hours on Monday, (22 April 2024). The issue was subscribed 0.66 times.

The issue opened for bidding on Monday, (22 April 2024) and it will close on Thursday, (25 April 2024). The price of the IPO is fixed at Rs 150 per share. The minimum order quantity is 1,000 equity shares. The equity shares will list on BSE�s SME platform.

The IPO comprises fresh issue of 13,40,000 equity shares. The promoter and promoter group shareholding will dilute to 72.02% from 100% Pre-IPO.

About 70,000 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 12,70,000 equity shares. The issue and the net issue will constitute 27.97% and 26.51% respectively of the post offer paid up equity share capital of the company.

The company intends to utilize the net proceeds to finance the establishment of the new showroom, capital expenditure cost for the proposed new showroom, purchase of inventory for the proposed new showroom, purchase of inventory and general corporate purposes.

Varyaa Creations engaged in the wholesale trade of gold, silver, precious stones, and semi-precious stones. The company utilizes job workers located in Mumbai for their jewellery production. Their product portfolio encompasses necklaces, earrings, tops, rings, bracelets, bangles, gemstones (including diamonds, lab-grown diamonds, and pearls), and they offer customization options to cater to specific customer requests. The company will sell its products through its own online platform, www.bauleberry.com. As on 31 March 2024, the company has 8 employees.

The company recorded revenue from operations of Rs 17.18 crore and net profit of Rs 3.51 crore for the period as on 31 December 2023.