Forcas Studio IPO subscribed 35 times on day 1, retail portion booked 60x; check allotment and listing date

Forcas Studio IPO witnessed strong demand from investors across categories on the first day of bidding on Monday, August 19. The initial public offering of Forcas Studio Limited was subscribed over 35 times.

The NSE SME issue received bids for over 11.06 crore shares against 31.13 lakh shares on offer, leading to an overall subscription of 35.5 times.

On the first day of subscription, the retail category was booked 59 times with bids for 9.18 crore shares against 15.56 lakh shares set aside for the category.

Forcas Studio Limited IPO was subscribed 28.21 times in the Non-Institutional Investors (NIIs) category with applications for 1.88 crore shares against the 6.67 lakh shares reserved for the segment.

The Qualified Institutional Buyers (QIB) placed no bids on the first day of subscription. The company has set aside 8.89 lakh shares for the category.

Forcas Studio IPO offer size, price band and other details

Forcas Studio aims to raise ₹37.44 crore via its IPO. The public offer comprises an entirely fresh issue of 46.8 lakh shares.

Forcas Studio's IPO price band has been fixed at ₹77 to ₹80 per share. Retail individual investors interested in applying for the public issue can place bids for a minimum lot size of 1,600 shares, which aggregates to an investment of ₹1,28,000. On the other hand, High-Net-Worth Investors (HNIs) can place bids for a minimum of 2 lots, or 3,200 shares, which aggregates to an investment of ₹2,56,000.

Forcas Studio IPO is the book running lead manager of Horizon Management Private Limited and Mas Services Limited is the registrar for the issue. Forcas Studio IPO’s market maker is Giriraj Stock Broking.

Forcas Studio IPO dates

Forcas Studio IPO subscription is open from August 19 to August 21.

The IPO share allotment status is likely to be finalised on Thursday, August 22. Refunds will be initiated for unsuccessful bidders on Friday, August 23, and shares of Forcas Studio will be credited into the Demat accounts of successful bidders the same day. Shares of Forcas Studio will list on the NSE SME platform, Emerge. The tentative listing date for Forcas Studio shares is August 26.

Forcas Studio: Key financials

Forcas Studio’s revenue for the 11-month period ended February 29, 2024, stood at ₹96.48 crore. The company’s profit-after-tax stood at ₹5.53 crore, and its net worth stood at ₹19.01 crore.

In FY23, Forcas Studio’s revenue increased over 33% to ₹71.62 crore compared to ₹53.8 crore in FY22. The company’s profit-after-tax surged to ₹1.14 crore in FY23, registering an increase of over 46% compared to ₹78.44 lakh in FY22. In FY23, Forcas Studio’s net worth grew over 3% to ₹8.6 crore compared to ₹8.3 crore in FY22.

Forcas Studio: Promoters

Forcas Studio’s promoters are Sailesh Agarwal and Sourav Agarwal. Before the issue, the promoters held an 82.17% stake in the company. After the public issue, the shareholders' stake will be reduced to 60.3%.

Forcas Studio IPO objective

Forcas Studio proposes to use the money raised from the public issue to upgrade its warehouse. The proceeds will also be used to prepay and repay loans. The company will also use the money raised via the public issue to fund its working capital requirements and for other general corporate purposes.

About Forcas Studio Limited

Forcas Studio Limited was incorporated in April 2010. The company sells men's clothing and provides products online and in bulk to customers. It also offers white-labelling services for other brands, such as Landmark Group, V-Mart Retail, V2 Retail, Highlander, Cobb, Kontail, and more. The company sells its products through online platform under the brand names FTX, Tribe, and Conteno.