The initial public offering of Mumbai-based gold jewellery wholesaler Divine Hira Jewellers will open for subscription on March 17, making it the second IPO from the SME segment next week, along with Paradeep Parivahan.
Divine Hira largely deals in 22 karat gold jewellery and is targetting to raise Rs 31.81 crore through the public issue of 35.37 lakh shares via a fixed price issue at Rs 90 per share.
The share sale will close on March 19, followed by the finalisation of IPO share allotment by March 20, and investors can start trading in the shares of the iewellery company on the NSE Emerge platform from March 24.
Divine Hira is engaged in wholesale of gold jewellery, silver articles, bullions and coins in Mumbai, catering to wholesalers, showrooms and retailers. The ieweller is expected to receive Rs 28.19 crore through the public issue after deducting offer expenses. These funds will be utilised for repayment of debt, working capital requirements, and general corporate purposes.
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Gulecha family, the promoters of Divine Hira, will hold 67.4 percent stake in the company after the issue, trimming it down from 92.47 percent stake before the IPO.
Horizon Management is acting as the merchant banker for the issue.
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