Varyaa Creations IPO opened on Monday, April 22, and will close on Thursday, April 25. The price band for the IPO is set at 150 per share, with a face value of 10 each. The issue lot size is 1,000 shares.
The company trades in gold, silver, and other metals, as well as precious and semi-precious stones. It also manufactures and sells jewelry, with a focus on creating and promoting jewelry as of the current fiscal year. The company produces its jewelry using job workers in Mumbai and has a product portfolio that includes pearls, gemstones, lab-grown diamonds, necklaces, earrings, tops, rings, and bracelets.
The company has received bids for 17,05,000 shares against 12,70,000 shares on offer, as of 17:03 IST on day 2. The issue was booked 70% on day 1.
The net proceeds from the offering will be used by the company to finance the opening of a new showroom, pay for the associated capital expenditures, purchase inventory, and for general corporate purposes.
The share allocation basis is expected to be finalized on Friday, April 26, and the shares will be credited to the accounts of the allottees on the same day that the business starts processing refunds, which is Monday, April 29.