3 SME IPOs opening for subscription in India next week
What's the story
In the midst of market volatility and geopolitical tensions, three new small and medium-sized enterprise (SME) initial public offerings (IPOs) are set to open for subscription next week. The companies, Yaashvi Jewellers, SMR Jewels, and Rajnandini Fashion India, are all looking to raise funds through their public issues. Let us take a look.
First IPO
Yaashvi Jewelers
Yaashvi Jewelers will open its public issue for subscription from May 25 to May 27. The company has priced the issue at ₹83 per share, hoping to raise ₹44 crore through this offer. The funds raised will be used for working capital requirements and debt repayment among other things. The shares are expected to be listed on BSE SME platform on June 2.
Second IPO
SMR Jewels
SMR Jewels will launch its public issue on May 26, closing on May 29. The company has set a price band of ₹128-135 per share for the offer, which includes a fresh issue of shares worth ₹54 crore and an offer for sale (OFS) of shares worth ₹13.23 crore. The proceeds from the fresh issue will be used for setting up a jewelry studio and repaying borrowings.
Third IPO
Rajnandini Fashion India
Rajnandini Fashion India will open its public issue from May 26 to May 29. The company has set a price band of ₹59-63 per share for the offer, which will be entirely a fresh issue of shares. The proceeds from this IPO will be used to set up a new manufacturing facility, repay some debt, and meet working capital needs.