Shoora Designs listed on the BSE SME platforms with a bang and shot up about 100 percent on debut. This makes the stock almost a multibagger at listing.
The stock surged 99.50 percent on August 29, including the 5 percent rise in price post-listing. As of 10.30am, the stock traded at Rs 95.76 on the BSE. The issue price of the stock was Rs 48.
The two-year-old company started as a textile and apparel company but now it is engaged in the business of manufacturing and trading diamonds and jewellery. The company is into polishing and trading of natural diamonds, as well as focusing on natural lab-grown diamond and jewellery.
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The revenue from operations accounted for 1.05 crore for the year ended March 31, 2023, and 16.2 lakh for the year ended March 31, 2022. Profit of the company came in at Rs 11.45 lakh in FY23, up from Rs 3.9 lakh in FY22.
The company has just nine employees as of now.
Shoora Designs raised Rs 2 crore at Rs 48 per share. The issue was subscribed 64.52 times. The public bidding for the IPO opened on August 17, 2023, and closed on August 21, 2023.
No analyst covered this IPO.
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