Grill Splendour Services IPO booked 4 times on day 2: Check latest subscription details, price band and allotment status

Grill Splendour Services Ltd IPO was subscribed over 4 times at the end of bidding on the second day, on April 16, led by strong retail demand.

The bakery chain received bids for 52.33 lakh shares against 13,03,200 equity shares on offer for public investors, as per the NSE data till 5pm on Tuesday.

Retail investors were at the forefront of Grill Splendour IPO bidding, subscribing to their portion more than 6 times. Investors in the retail category placed bids for 43.14 lakh shares compared to 6,51,600 shares set aside for them.

The non-institutional investors’ (NIIs) category received bids for 9.19 lakh shares compared to 6,51,600 shares on offer for the segment. The NIIs’ portion was booked 1.41 times.

Grill Splendour Services IPO subscription began on April 16 and will continue until April 18.

Grill Splendour Services IPO Key Dates

The allotment of shares in Grill Splendour Services IPO is scheduled to be conducted on Friday, April 19. This will be followed by the credit of shares into the Demat account of successful bidders and the initiation of refunds for non-allottees on April 22.

Shares of Grill Splendour Services are tentatively scheduled to be listed on the small and medium enterprises platform of NSE— NSE Emerge.

Grill Splendour Services IPO Issue Size

Grill Splendour Services IPO consists of a fresh issue of 13.72 lakh shares including a market maker allocation of 69,600 shares for Rikhav Securities. The company has reserved 50% of the net issue for retail investors whereas the remaining half is set aside for other categories of investors including NIIs and QIBs.

Grill Splendour Services IPO Price Band And Other Details

The company has set the issue price band at ₹120 at a face value of ₹10. Retail investors may place their bids with a minimum lot size of 1200 shares aggregating to an investment of ₹1.44 lakh and in multiples thereof.

For high-net-worth individuals, the bid size is two lots of 2400 shares totalling a minimum investment of ₹2.88 lakh.

Grill Splendour Services Ltd intends to raise ₹16.47 crore through the public issue of shares.

The company has appointed Bigshare Services Pvt Ltd as the IPO's registrar whereas Inventure Merchant Banker Services Pvt Ltd is the sole book-running lead manager.

Grill Splendour Services' promoters Vivek Vijaykumar Sood, Vandana Srinidhi Rao and Srinidhi V Rao presently hold a 49.75% stake in the company which will be diluted to 36.64% post the issue. Proceeds from the Grill Splendour Services IPO will be used towards funding the working capital requirement, payment of debts and general corporate purposes.

About Grill Splendour Services Ltd

Grill Splendour Services is a multi-outlet chain of gourmet bakeries and patisseries. The company presently operates 17 outlets across Mumbai. Of these, 12 are company-owned outlets, while the remaining operate on a franchise model.

The company was incorporated in 2019, originally to take over the bakery and confectionery business from WAH Restaurants Pvt. Ltd.