Davin Sons IPO Day 3: BSE SME issue booked over 100x, check price band, key dates and more

The initial public offering (IPO) of small and medium enterprise (SME) Davin Sons Retail Limited continued to see a strong demand from investors across categories on the last day of bidding on Monday, January 6.

The BSE SME issue opened for subscription on Thursday, January 2.

As per the stock exchange data, the issue was booked 120.84 times with bids for more than 18.32 crore shares against 15.16 lakh shares on offer.

The retail investors category was oversubscribed 164.78 times, with bids for 12.49 crore shares compared to 7.58 lakh shares on offer. The non-institutional investors (NII) portion was overbid by 66.1 times, with applications for 5 crore shares against the allocated quota of 7.58 lakh shares. The Qualified Institutional Buyers (QIBs) applied for 81.18 lakh shares.

Davin Sons IPO price band and other details

The ₹8.78-crore IPO of the readymade garments manufacturer is a fixed-price offer consisting of a fresh issuance of 15.96 lakh shares.

Shares were offered at a price of ₹55 apiece in a lot size of 2,000 units. For retail investors, this translated into a minimum investment of ₹1,10,000 (₹55 x 2,000). High net-worth investors (HNIs) need to bid for a minimum of two lots, or 4,000 shares, aggregating to an investment of ₹2,20,000.

Navigant Corporate Advisors Limited is the book-running lead manager for the IPO, while Kfin Technologies Limited is the issue registrar.

Davin Sons IPO dates

After the bumper subscription, Davin Sons IPO share allotment status is expected to be finalised on Tuesday, January 7. Refunds for unsuccessful applicants will be initiated on Wednesday, January 8. The successful bidders will receive the shares in their Demat accounts the same day as well.

The company has proposed to list its shares on the BSE SME platform on Thursday, January 9.

Use of IPO proceeds

Davin Sons Retail has proposed to utilise the proceeds from the IPO to strengthen its business operations. A portion of the funds will be utilised towards capital expenditure for buying a warehouse. Additionally, a part of the proceeds will be used for working capital requirements. The remaining funds will be directed toward general corporate purposes.

About Davin Sons Retail Ltd

Founded in 2022, Davin Sons Retail is primarily engaged in designing and manufacturing ready-made garments for multiple brands. In the manufacturing segment, the company produces ready-made garments such as jeans, denim jackets and shirts, among others. The company’s other major business vertical includes the distribution of FMCG products.

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