Devin Sons Retail’s IPO was listed in the stock market today on Thursday. The company’s share was listed on the BSE SME platform on Thursday.
The share of Devin Sons Retail was traded on BSE at a price of Rs 44 with a 20% discount compared to its IPO rate of 55.
After the listing, there was a rush to buy this stock and it hit an upper circuit of 5%. With this, the stock came down to Rs 46.20.
What Is The Detail?
The ₹8.78 crore IPO was open for subscription on the BSE SME platform from January 2 to 6. The company proposed to list its shares on the BSE SME platform on January 9.
The SME IPO attracted applications for 18.32 crore shares against 15.16 lakh shares on offer. The issue was booked about 121 times.
Company Business
The company will use the funds raised from the IPO to finance capital expenditure for setting up a warehouse.
Some of the funds will be used for working capital requirements and general corporate purposes. It is engaged in the business of textiles.
The company has proposed to use ₹1.36 crore to set up a warehouse with a total built-up area of about 8,500 sq ft at Neemrana in Rajasthan.
Devin Sons Retail has proposed to use ₹4.22 crore for funding working capital requirements and ₹1.89 crore for general corporate purposes.
Financial Position Of The Company
The company reported revenue from operations of ₹6.34 crore for the April-September period of FY21. Its net profit stood at Rs 73.59 lakh.
Operating revenue for the year ending 31 March 2024, was Rs13.39 crore, compared to Rs 3.91 crore for the year that ended on March 31, 2023.
The company’s profit after tax in FY24 was ₹1.64 crore, up from ₹56.62 lakh in FY23.
Quick Fact
| Company name | Devin Sons Retail |
|---|---|
| IPO listing date | January 9 |
| IPO platform | BSE SME |
| IPO size | ₹8.78 crore |
| IPO subscription | 121 times |
| IPO issue price | ₹55 |
| Listing price | ₹44 |
| Discount on IPO | 20% |
| Upper circuit | 5% |
| Post-listing price | ₹46.20 |
| Shares offered | 15.16 lakh |
| Applications received | 18.32 crore shares |
| Funds usage | Capital for warehouse, working capital, corporate purposes |
| Warehouse plan | Neemrana, Rajasthan |
| Warehouse size | 8,500 sq ft |
| Funds for warehouse | ₹1.36 crore |
| Funds for working capital | ₹4.22 crore |
| Funds for corporate purposes | ₹1.89 crore |
| Business sector | Textile |
| FY21 revenue (April-Sept) | ₹6.34 crore |
| FY21 net profit | ₹73.59 lakh |
| FY23 revenue | ₹3.91 crore |
| FY23 profit after tax | ₹56.62 lakh |
| FY24 revenue | ₹13.39 crore |
| FY24 profit after tax | ₹1.64 crore |
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