Divine Hira Jewellers shares to debut today. Check GMP ahead of listing

Divine Hira Jewellers IPO has followed a trend seen in recent SME offerings, with a subscription response below 10 times. Due to subdued demand, the company's shares will debut on the NSE SME platform today.

Divine Hira Jewellers' Grey Market Premium (GMP) is currently zero in the unlisted market. This trend aligns with most SME IPOs this year, which have also seen nil GMPs leading up to their launch.

The IPO was subscribed 3.96 times, with retail investors bidding 6.62 times, while non-institutional investors (NII) and qualified institutional buyers (QIBs) subscribed 1.3 times.

The company planned to raise Rs 32 crore through the issuance of 35.37 lakh fresh equity shares. The proceeds from the IPO will be utilized for several purposes, including the prepayment or repayment of certain loans, meeting working capital requirements, and addressing general corporate needs.

Divine Hira Jewellers is a Mumbai-based company specializing in the design and sale of premium 22 Karat gold Jewellery. The company primarily serves wholesalers, showrooms, and retailers, offering a wide range of Jewellery.

The company offers an extensive collection of Jewellery, including necklaces, mangalsutras, chains, and malas. Their portfolio also features rings, pendants, bracelets, bangles, and kadas, along with gold coins and wedding Jewellery.

Divine Hira Jewellers reported a 62.63% year-on-year rise in profit after tax to Rs 1.48 crore in FY24 from Rs 91.23 lakh in FY23. The company’s revenue declined to Rs 183.25 crore in FY24, down 25.6% from Rs 246.44 crore in the preceding fiscal.

Horizon Management Private Limited serves as the book-running lead manager for the Divine Hira Jewellers IPO, whereas Bigshare Services Pvt Ltd acts as the registrar for this offering. The market maker for the Divine Hira Jewellers IPO is Giriraj Stock Broking Private Limited.

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