New Delhi, 9 January (H.S.): The listing of shares of Devin Sons Limited, a readymade garment manufacturing company, disappointed the company's IPO investors today.

Under the IPO, the company's shares were issued at a price of Rs 55, but today it was listed at a discount of 20 percent at Rs 44 on the BSE's SME platform. In this way, as soon as it entered the stock market, IPO investors had to face a listing loss of Rs 11 i.e. 20 percent. However, after listing, with the support of buying, this stock reached the upper circuit level of Rs 46.20 in a short time. Despite this, IPO investors had to face a loss of 16.36 percent due to discount listing on the first day itself. Devin Sons Limited's Rs 8.78 crore IPO was open for subscription between January 2 and 6. Due to the strong response from retail investors, this IPO was subscribed 120.8 times overall. In this, the reserve portion for retail investors got 164.78 times subscription. Under the IPO, the company has issued 15.96 lakh shares with a face value of Rs 10. The company will use the money raised through the IPO for its capital expenditure, purchase of warehouse, working capital requirement and general corporate purposes. Devin Sons produces readymade clothes like high quality jeans, shirts and denim jackets for famous brands. The company had a net profit of Rs 56.62 lakh in 2022-23, which increased to Rs 1.64 crore in 2023-24. During this period, the company's revenue grew at a compounded rate of 242 percent to Rs 13.39 crore. During the first half of the current financial year 2024-25 i.e. from April to September 2024, the company has made a net profit of Rs 73.59 lakh, while it has got a total revenue of Rs 6.34 crore.

Hindusthan Samachar / Jun Sarkar