NSE SME Divine Hira Jewellers' debut lacks sparkle, slips on listing

The scrip was listed at 90, matching the initial public offer (IPO) price. The stock was currently trading at its lower limit of 5% over its listing price.

The counter hit a high of Rs 90 and a low of Rs 85.50. About 1.81 lakh shares of the company changed hands at the counter.

Divine Hira Jewellers' IPO was subscribed 3.76 times. The issue opened for bidding on 17 March 2025, and it closed on 19 March 2025. The price of the IPO was set at Rs 90 per share.

The IPO comprised a fresh issue of 35,37,600 shares. The promoter and promoter shareholding diluted to 72.70% from 99.74% pre-IPO.

The company intends to utilize the net fresh issue proceeds for prepayment or repayment of all or a portion of certain availed by the company, funding of working capital requirements of the company, and for general corporate purposes.

Mumbai-based Divine Hira Jewellers specializes in designing and marketing 22 karat gold jewelry, offering a diverse range of traditional and modern designs to wholesalers, showrooms, and retailers, and also deals in silver articles, bullions, and coins, with a focus on localized designs to meet regional customer preferences. As of 31 October 2024, the company employed 9 people across various departments.

The company recorded revenue from operations of Rs 135.97 crore and net profit of Rs 2.49 crore for the period as of 30 September 2024.