Koura Fine Diamond Jewelry IPO: Issue subscribed 26.9 times on first day as retail investors bid highest

The allotment for the Koura Fine Diamond Jewelry IPO is expected to be finalized on Tuesday, March 12, 2024. Koura Fine Diamond Jewelry IPO will be listed on BSE SME with tentative listing date fixed as Thursday, March 14, 2024

Ahmedabad: The initial public offer of small- and medium-sized enterprise (SME) Koura Fine Diamond Jewelry Limited received a strong response from investors on the first day of subscription. Koura Fine Diamond Jewelry IPO opened for subscription on March 6, 2024, and closes on March 11, 2024.

Koura Fine Diamond Jewelry IPO received a positive response from both retail investors and non-institutional investors (NII) as both portions were fully subscribed on the first day. The company has reserved at least 50% of the shares for retail investors while 50% is kept for non-retail investors.

The SME IPO was booked 26.92 times on the first day of issue. The portion reserved for retail investors was booked 46.66 times and the NIIs’ portion was subscribed 7.09 times on Wednesday. Koura Fine Diamond Jewelry IPO has received bids for 2,50,32,000 shares against 9,30,000 shares on the offer.

Koura Fine Diamond Jewelry IPO is a fixed price issue of Rs 5.50 crore. The issue is entirely a fresh issue of 10 lakh shares. Koura Fine Diamond Jewelry IPO price is Rs 55 per share. The minimum lot size for an application is 2,000 shares. 

The minimum amount of investment required by retail investors is Rs 110,000. The minimum lot size investment for HNI is two lots (4,000 shares) amounting to Rs 220,000. 

The allotment for the Koura Fine Diamond Jewelry IPO is expected to be finalized on Tuesday, March 12, 2024. Koura Fine Diamond Jewelry IPO will be listed on BSE SME with a tentative listing date fixed as Thursday, March 14, 2024.

GYR Capital Advisors Private Limited is the book-running lead manager of the Koura Fine Diamond Jewelry IPO, while Kfin Technologies Limited is the registrar for the issue. The market maker for Koura Fine Diamond Jewelry IPO is Giriraj Stock Broking.

Koura Fine Diamond Jewelry are jewellery wholesaler in the jewellery industry having experienced entrepreneurs. The Company is engaged in the business of supplying jewellery to retail jewelers, mainly gold and diamond jewellery. Its jewellery is manufactured on a job-work basis. The promoter of the company is Kamlesh Keshavlal Lodhiya.

The proceeds from the Koura Fine Diamond Jewelry IPO are to be utilized for the funding of working capital requirements and general corporate purposes.

Koura Fine Diamond Jewelry IPO GMP or grey market premium was Rs 65, which meant shares were trading at a 118.8% premium over their issue price of Rs 55 in the grey market according to investorgain.com. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

Courtesy: livemint.com