Davin Sons IPO Day 1: BSE SME issue booked nearly 3x on strong retail demand; check subscription, offer size, price and key dates

The initial public offering of Davin Sons Retail Limited witnessed a strong demand on the first day on Thursday, January 2, as the issue was fully subscribed within hours of launch.

The BSE SME issue is open for subscription from January 2 to January 6. The readymade garments manufacturer aims to raise ₹8.78 crore through the IPO.

As per the BSE data at the end of bidding at 5 pm, the issue was overall booked 2.72 times. The investors across categories submitted bids for more than 41.26 lakh shares against 15.16 lakh shares on offer.

The retail category was subscribed 4.89 times with bids for 37.06 lakh shares against 7.58 lakh shares set aside for them. On the other hand, the Non-Institutional Investors’ (NIIs) segment was booked only 55% with applications for 4.2 lakh shares against the allocated quota of 7.58 lakh shares.

Davin Sons IPO price band and other details

The Davin Sons Retail IPO is a fixed-price issue consisting of a fresh issuance of 15.96 lakh shares. The IPO price has been set at ₹55 apiece.

Investors interested in participating in the IPO can bid for a minimum of 2,000 shares and in multiples thereof. For retail investors, the minimum investment for a single lot size is ₹1,10,000. Similarly, for HNI (High Net-worth Individual) investors, the minimum application size is for two lots, or 4,000 shares, aggregating to an investment of ₹2,20,000.

Navigant Corporate Advisors Ltd. has been appointed as the book-running lead manager for the IPO. Kfin Technologies Limited is the registrar.

Davin Sons IPO dates

Following the closure of the issue, the basis of Davin Sons IPO allotment status will be determined on Tuesday, January 7.

Refunds for unsuccessful applicants will be initiated on Wednesday, January 8, while successful applicants can also expect the shares in their Demat accounts the same day.

The listing of the shares of the company has been scheduled for Thursday, January 9. The stock will be listed on the BSE SME platform.

Use of IPO proceeds

The company intends to use the proceeds from the issue for several key purposes aimed at strengthening its business operations. A portion of the funds will be allocated towards capital expenditure for buying a warehouse. Additionally, part of the proceeds will be used to finance working capital requirements. The remaining funds will be directed toward general corporate purposes.

About Davin Sons Retail Limited

Davin Sons Retail Limited, founded in 2022, designs and manufactures ready-made garments, such as jeans, denim jackets and shirts, for other brands. The company operates in two main areas—the manufacturing of ready-made garments and the distribution of FMCG products.

In India, the company has a presence in Haryana, Delhi, Punjab, Arunachal Pradesh, Rajasthan, Gujarat, Bihar and Chhattisgarh.