Blue Pebble IPO subscribed 5 times on Day 1 on strong retail demand, check key details

The Blue Pebble Limited IPO, comprising a fresh issue of 10.8 lakh equity shares, was subscribed more than 5 times on the first day of the bidding on Tuesday, March 26.

The ₹18.14-crore initial public offer of Blue Pebble received bids for 37,36,800 shares against 7,18,400 shares on offer, resulting in 5.2 times oversubscription on the first day of bidding, according to the NSE data.

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Retail investors submitted bids for 28,07,200 shares over 3,59,200 shares available for them, resulting in bidding of 7.81 times under the category.

Non-institutional investors placed bids for 4,27,200 shares against the 1,54,400 shares reserved for them, resulting in a booking of 2.77 times.

Qualified institutional buyers (QIBs) booked their portion 2.45 times by submitting bids for 5,02,400 shares over 2,04,800 shares reserved for the segment.

The public issue of Blue Pebble Limited, an interior design and environmental branding solutions company, is open for subscription from March 26 to March 28.

Blue Pebble IPO share allotment is expected to be finalised on April 1. This will be followed by the refund for non-allottees and credit of shares into the demat account of successful bidders on March 2. Shares of Blue Pebble Limited are tentatively scheduled to be listed on NSE Emerge on March 3.

The company intends to raise ₹18.14 crore through a fresh issue of 10.8 lakh shares. There is no offer-for-sale component in this IPO.

The total issue size of 10.8 lakh shares of face value of ₹10 each includes a market maker portion of 56,000 equity shares and an anchor allocation of 3,05,600 equity shares.

Blue Pebble IPO price band, lot size and other key details

The Blue Pebble IPO price band has been set in the range of ₹159 to ₹168 per share. Retail investors can submit bids with a minimum lot size of 800 shares, aggregating to ₹1,34,400, and in multiples thereof. The maximum investment amount for retail investors is capped at ₹ 2 lakh. For high net-worth investors (HNIs), the minimum investment amount would be ₹2,68,800 as they need to bid for a minimum of 2 lots.

The company intends to raise ₹18.14 crore through the public issue. Blue Pebble has reserved not more than 50% of the net offer for qualified institutional buyers (QIBs) and not less than 15% for non-institutional investors (NIIs). The company has kept aside the net issue for retail investors.

The company has appointed Hem Securities Limited as the sole book-running lead manager for the public issue. Bigshare Services Pvt Ltd is the registrar for Blue Pebble Limited IPO.

Blue Pebble Limited promoters – Malin Gagrani, Manoj Bhushan Tiwari and Karuna Nalin Gagrani— presently hold a 99.98% stake in the company which will be diluted to 73.52% post the issue.

Blue Pebble IPO objective

Proceeds from the public issue of Blue Pebble Limited shares will be utilised for capital expenditure on installing additional machinery and funding the working capital requirement. A portion of the money raised would be used for the general corporate purpose of the company.

About Blue Pebble

Established in 2017, Blue Pebble Limited is engaged in the business of interior design and environmental branding solutions. The company offers comprehensive services from conceptualisation, design, printing, furnishing and installation. Blue Pebble Limited's design and printing services include themed designs to large format printing, vinyl printing, fabric printing and signage fabrication.

The company has consistently grown in its financial performance over the last three years. Blue Pebble's income rose to ₹15.94 crore in FY2023 from ₹5.48 crore in FY2022 and ₹4.21 crore in FY2021.

Its profit has swelled over 10X in the last three financial years, from ₹20 lakh in FY 2021 to ₹38 lakh in FY2022 and ₹2 crore in FY 2023.

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