Shoora Designs SME IPO to hit Street soon: Key things to know

Shoora Designs — a diamond and jewellery company — is all set to launch an initial public offer (IPO) on the SME platform on Thursday, August 17. The IPO comprises fresh issuance of shares worth up to Rs 2.03 crore on a fixed-price basis.

Here are some of the important things to know about the Shoora Designs SME IPO:

Important dates

The SME IPO of Shoora Designs will open on August 17 and close on August 21.

The basis of the allotment of shares is likely to be finalized on August 24 and the credit of shares is likely to take place on August 28. Unsuccessful bidders will have refunds initiated on August 25.
Shoora Designs shares are likely to be listed on the BSE SME platform on August 29.

Issue price

Under the IPO, Shoora Designs shares will be available for bidding at a fixed price of Rs 48 apiece in multiples of 3,000, translating to Rs 1,44,000 per lot.

Fund utilisation

Shoora Designs plans to utilise the net proceeds from the issue towards working capital requirements and for general corporate purposes, according to the red herring prospectus.

Financials

Shoora Designs registered a net profit of Rs 11.5 lakh for the year ended March 31, 2023, as against a net profit of Rs 3.9 lakh for the previous year, according to the RHP. Its revenue for the financial year 2022-23 stood at Rs 2.1 crore as against Rs 16.3 lakh for the previous year.

About Shoora Designs

Established in March 2021, Shoora Designs is a manufacturer of natural diamond and jewellery mainly focused on natural and lab-grown diamonds and jewellery, according to its website. The company offers a wide range of products, including white diamonds, pie cut diamonds, fancy shape diamonds, black diamonds, diamond rings, diamond earnings, diamond pendants, diamond bracelets, diamond necklaces and diamond watches.