Divine Hira Jewellers IPO, Day 2: Check GMP, Subscription Status And More
The latest GMP for Divine Hira Jewellers IPO stood at Rs 32 on March 18 indicating a premium of 35.56%.
The initial public offering of Divine Hira Jewellers Ltd. that was launched on Monday has been fully subscribed as bidding for the issue entered its second day. The company aims to raise Rs 31.84 crore from the primary market. The gold jewellery designer’s public offer will remain open for subscription till March 19.
The Mumbai-based company specialises in designing and marketing premium 22-karat gold jewellery. It supplies its products to wholesalers, retailers and showrooms.
Here's all you need to know about the Divine Hira Jewellers IPO including the latest grey market premium (GMP), Day 2 subscription status, price band, offer size and more.
Divine Hira Jewellers IPO: All You Need To Know
Divine Hira Jewellers is a fixed-price issue comprising a fresh issuance of 35.38 lakh shares. There is no offer-for-sale (OFS) component. The IPO price has been fixed at Rs 90 per share.
Retail investors can invest in the IPO with a minimum lot size of 1,600, amounting to an investment of Rs 1,44,000. The high net-worth individuals (HNIs) can invest in the IPO with bids for at least two lots of 3,200 shares, requiring a minimum investment of Rs 2,88,000.
Of the 35,37,601 shares offered, 16,80,000 (47.49%) is allocated for non-institutional investors and 16,80,000 (47.49%) is reserved for retail investors.
Horizon Management Private Ltd. is the book-running lead manager of the Divine Hira Jewellers IPO. Bigshare Services Pvt Ltd is the registrar and Giriraj Stock Broking Private Ltd. is the market maker for the IPO.
Divine Hira Jewellers IPO Day 2Subscription Status
The Divine Hira Jewellers IPO has been subscribed 1.57 times as of 3:24 p.m. on Tuesday.
Non-Institutional Investors: 0.35 times
Retail Investors: 2.8 times
*The subscription status will be updated at regular intervals
Divine Hira Jewellers IPO GMP Today
As per InvestorGain, the latest GMP for Divine Hira Jewellers IPO stood at Rs 32 as of 2:02 p.m. on March 18. Shares of Divine Hira Jewellers are likely to list at a premium of 35.56% at Rs 122 each if the current GMP trends are sustained.
Note: GMP does not represent official data and is based on speculation.
Use of IPO Proceeds
The company will use net proceeds from the IPO to fund working capital requirements, repay borrowings, and carry out general corporate purposes.
Key Financials
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.
Divine Hira Jewellers IPO Important Dates
The allotment for the Divine Hira Jewellers IPO is expected to be finalised on Thursday, March 20. Divine Hira Jewellers IPO will be list on NSE SME on Monday, March 24. Credit of shares into the demat account of successful bidders will be done on March 21. Refunds for the non-allottees will also be processed on the same day.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.
