New Delhi, May 12 (HS): Manoj Jewelers experienced a disappointing debut on the BSE’s SME platform after its IPO, causing significant losses for investors. The shares were issued at ₹54 but listed at ₹53.95, a mere 5 paise discount. Following pressure, the stock dropped further to the lower circuit level of ₹51.26, resulting in an early loss of 5.07 percent for IPO investors. This IPO, which totaled ₹16.20 crore, was available for subscription from May 5 to May 7 and saw a lackluster response, with overall subscription at only 1.14 times and retail investors at 1.01 times. The offering included 30 lakh new shares with a ₹10 face value.

Funds raised will address old debts and general corporate needs. The company claims improved financial stability, with net profits rising from ₹36 lakh in 2021-22 to ₹3.24 crore in 2023-24, and revenue growing at an annual compound rate exceeding 153 percent, reaching ₹43.38 crore. In the first nine months of FY 2024, profits were ₹3.77 crore on revenues of ₹42.97 crore.

Hindusthan Samachar / Jun Sarkar