(MENAFN- KNN India) New Delhi, Apr 30 (KNN) Varyaa Creations, a Mumbai-based company dealing in precious metals, stones, and jewellery, made a stellar debut on the BSE SME platform, on Tuesday.
The company's shares opened at Rs 285, marking a significant 90 per cent premium over the initial public offering (IPO) price of Rs 150.
Despite the bumper listing, Varyaa Creations' share price soon triggered the lower circuit filter, restricting further upside for the day.
The company's IPO, which opened on April 22 and closed on April 25, was a hit among investors, with the issue being subscribed 3.59 times overall.
The retail portion of the IPO witnessed robust demand, with a subscription of 6.09 times, while the non-institutional investor (NII) category was subscribed 1.08 times on the final day.
Varyaa Creations is primarily engaged in trading bulk quantities of gold, silver, and other precious metals, along with precious and semi-precious stones.
However, the company plans to expand its focus towards creating and promoting jewellery offerings in the current fiscal year, leveraging its in-house design capabilities and job workers based in Mumbai.
The company's promoters, Sarika and Pooja Naheta, bring over two decades of experience in the jewellery and stone industries, which is expected to drive Varyaa Creations' growth in the jewellery segment.
According to the company's prospectus, its peers in the listed space include Ashapuri Gold Ornament Ltd and PNGS Gargi Fashion Jewellery Ltd.
(KNN Bureau)
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