Shoora Designs had a stellar start on August 29 despite volatility in the equity markets, as the stock closed with nearly 100 percent gains, becoming the third biggest gainer among SMEs listed in August. Oriana Power was at the top with 169 percent rally, followed by Srivari Spices and Foods with 154 percent gains.
The opening price of Shoora Designs has been decided at Rs 91.20 in the pre-open session, on the BSE SME, up 90 percent over the issue price of Rs 48, which remained its day's low as well.
In the opening at 10 am, the stock started off at Rs 95.76 and remained stuck at the same price till the closing of session, up 99.5 percent over the IPO price. The reason behind the price being stuck at Rs 95.76 was that it rallied 5 percent over its pre-opening price of Rs 91.20.
Also read: Ratnaveer Precision Engineering IPO price band set at Rs 93-98 per share
The exchange has decided a 5 percent upper and lower circuit limit for the stock, against its pre-opening price. The said scrip will be available in the trade-for-trade segment for 10 trading sessions, from the listing day.
The trading volume for the day was 2.1 lakh shares.
The diamond and jewellery maker launched its public issue during August 17-21 and raised Rs 2.03 crore via offering. In fact, it was the lowest IPO size in the SME segment in the last one year, especially after Olatech Solutions which had raised Rs 1.89 crore in August last year.
It was a fixed price issue, and the offer price was Rs 48 per share.
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The Surat-based company is going to utilise issue proceeds, excluding offer expenses, for its working capital requirements and general corporate purposes.
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