Blue Pebble shares list at over 18% premium on NSE Emerge platform

Shares of small and medium enterprise (SME) Blue Pebble Ltd made a decent market debut on the NSE Emerge platform on Wednesday, listing at a premium of over 18%.

The Blue Pebble stock opened the session at ₹199, up 18.4% from the initial public offering (IPO) price of ₹168 per share.

The minimum bid size for the Blue Pebble IPO was 800 shares. This means that retail investors would have sat on a profit of ₹24,800 (₹31 x 800) as soon as trading began in the shares.

However, just minutes after the session opened, the stock lost momentum and fell over 4% from its opening price of ₹199 to trade at ₹189.05 apiece. Later the shares recovered the losses and further rallied 5% to hit a high of ₹208.95 apiece.

Notably, the ₹18.14-crore Blue Pebble IPO was open for subscription from March 26 to March 28. The public issue was oversubscribed by over 56 times after the end of the three-day bidding period.

Maximum interest was seen in the non-institutional investors’ category that was overbooked by almost 98 times.

The retail investors’ portion was oversubscribed by over 58 times, while the qualified institutional buyers’ (QIBs) category was overbid by nearly 22 times.

The Blue Pebble IPO was entirely a fresh issue of 10.8 lakh shares, with no offer-for-sale (OFS) component. The price band for the IPO was set at ₹159-168 per share, with the lot size fixed at 800 shares.

The company had said that proceeds from the IPO would be used to fund capital expenditure towards the installation of additional machinery and for working capital requirements along with general corporate purposes.

Before the IPO, Blue Pebble had also raised ₹5.13 crore from anchor investors on March 22.

Established in 2017, Mumbai-headquartered Blue Pebble provides services in interior design and environmental branding solutions space. Its services include concept, design, printing, furnishing and installation.

Among its notable offerings are vinyl graphics, signatures, 3D walls, glass films, artworks, wall panels, murals and crafts, catering to corporate interior and exterior workplace environments.

The company’s clientele includes leading entities from the banking, MNC and IT sectors such as Infosys, HDFC Bank, American Express, Bank of America, Nasal, British Petroleum and Moody’s.

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