Forcas Studio IPO day 3: NSE SME issue subscribed 417 times; check allotment status and listing date

Forcas Studio Limited's IPO closed with a bumper subscription on Wednesday, August 21, the third and last day of bidding. The men’s clothing firm's initial public offer was booked 417 times on robust demand from non-institutional investors (NIIs).

According to stock exchange data, the NSE SME issue received bids for more than 129.85 crore shares, compared to 31.13 lakh shares offered for subscription.

The NIIs placed bids for 46.85 crore shares against the 6.67 lakh shares set aside for them. The NIIs’ portion was subscribed 702 times. Retail investors, on the other hand, booked their portion 415.79 times with applications for 44.31 crore shares in comparison to 15.57 lakh shares set aside for the category.

The Qualified Institutional Buyers (QIBs) placed bids for more than 18.27 crore shares against 8.9 lakh shares set aside for the category, subscribing to their segment 205.39 times.

Forcas Studio IPO offer size, price band and other key details

Forcas Studio IPO is an entirely fresh issue consisting of 46.8 lakh shares and there was no offer-for-sale (OFS) component. The company plans to raise ₹37.44 crore through the public offer.

Forcas Studio IPO price band was fixed at ₹77 to ₹80 per share. The minimum lot size for retail individual investors was 1,600 shares and in multiples thereof. This aggregates to an amount ₹1,28,000 per application. High Networth Individuals (HNIs) could place bids for a minimum of two lots, aggregating the investment of ₹2,56,000.

Forcas Studio IPO registrar

Mas Services Limited is the registrar of the Forcas Studio IPO, while Horizon Management Private Limited is the book-running lead manager of the issue. Axis Bank Limited is the sponsor bank of the Forcas Studio IPO.

Forcas Studio IPO allotment status and listing date

Forcas Studio IPO allotment date is likely on August 22, Thursday. Unsuccessful bidders will have their refunds on August 23, Friday, while successful bidders will see credit of shares on their Demat accounts the same day.

Forcas Studio shares will be listed on the NSE SME platform. The IPO listing is expected on August 26.

Forcas Studio IPO objective

Forcas Studios will utilise the proceeds from its IPO for upgradation of its warehouse. The proceeds will further be used for the prepayment or repayment of certain secured loans availed by the company and for the funding its working capital requirements.

About Forcas Studio

Incorporated in April 2010, Forcas Studio Limited is a leading retailer of men's wear, including shirts, jeans, t-shirts, trousers, cotton pants, sportswear and party wear. The company sells these products both online and through wholesalers. It also manufactures apparel for top brands like Landmark Group, V-Mart Retail, V2 Retail, Highlander, Cobb and Kontail.