Ahead of the debut, the company’s shares had no GMP in the unlisted market.
The IPO, which was completely a fresh equity issue of 13.4 lakh shares, received an underwhelming response but sailed through on the last day of bidding process.
The company plans to use the net proceeds from the public offer to finance the establishment of a new showroom, capital expenditure, purchase of inventory and other general corporate purposes.
Originally incorporated as Kalgi India, the company later turned into Varyaa Creations. It is engaged in the business of wholesale trading of gold, silver, precious and semi-precious stones.Apart from the above, the company said it also intends to focus on manufacturing and selling of jewellery. It manufactures the jewellery through a job worker located in Mumbai.Historically, the company has earned its revenues from wholesale trading of gold, silver, precious stone, semiprecious stone and from sales of jewellery. Currently, its products are sold only through the offline market. However, it intends to sell its products through its own online platform sometime soon.This online platform intends to facilitate and provide the customers with an experience of Phygital marketing i.e., an option to browse a variety of jewellery through its catalogue.
Further moving forward, the company will be earning its revenues not only from bullion trading but also by selling products through offline market and online market.
For the period ended December 2023, the company clocked revenues of Rs 17.62 crore, while profit after tax stood at Rs 3.51 crore.
Inventure Merchant Banker acted as the sole book running lead manager to the issue, while Bigshare Services was the registrar.
