Grill Splendour Services IPO open for subscription: check price band, lot size and other key details

The initial public offer of Grill Splendour Services Ltd, a gourmet bakery chain, opens for subscription on Monday, April 15. The company intends to raise ₹16.47 crore from the market through a fresh issue of 13.72 lakh shares. The company operates multiple retail stores across Mumbai along with a centralised production facility.

Grill Splendour Services IPO subscription will remain open from April 15 to April 18.

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If you are interested in the NSE SME public issue of Grill Splendour Services, here are some of the important details you should know before subscribing.

Grill Splendour Services IPO price band, lot size and minimum investment

Grill Splendour Services IPO price band has been fixed at ₹120 per share. The lot size, or the minimum bid quantity, for retail investors in Grill Splendour Services IPO is 1,200 shares. This means investors can place their bids in the public issue with a minimum of 1,200 shares aggregating to an investment of ₹1.44 lakh and in multiples thereof. For high net worth investors, the minimum bid size is 2 lots or 2400 shares totalling an investment of ₹2.88 lakh (₹120 x 2,400).

Grill Splendour Services IPO offer size

Grill Splendour Services IPO is a 100% book-built issue of 13.72 lakh at a face value of ₹10 each. There is no offer for sale (OFS) component. Like all other SME IPOs, Grill Splendour Services IPO includes a market maker portion. The company has set 69,600 shares for the market maker, Rikhav Securities.

Grill Splendour Services has reserved 50% of the net issue for retail investors while the other half has been set aside for other categories of investors.

Bigshare Services Pvt Ltd has been appointed as Grill Splendour Services IPO's registrar while Inventure Merchant Banker Services Pvt Ltd is the sole book-running lead manager of the issue.

Grill Splendour Services IPO purpose

Proceeds from Grill Splendour Services IPO will be utilised towards funding the working capital requirement of the company and repayment or prepayment of debts. A part of the money raised in the public issue will be used for general corporate purposes.

Grill Splendour Services IPO dates

Grill Splendour Services IPO subscription window is open from April 15 to April 18.

After the closure of subscription, Grill Splendour Services IPO allotment status is expected to be finalised on Friday, April 19. Credit of shares into the Demat account of successful bidders and initiation of refunds for non-allottees is expected on Monday, April 22.

Grill Splendour Services shares are scheduled to be listed on the National Stock Exchange's SME platform, NSE Emerge, on Tuesday, April 23.

About Grill Splendour Services

Grill Splendour Services started as a hospitality company in November 2019 to purchase the bakery and confectionery business from WAH Restaurants Pvt. Ltd.

In a couple of years, it became a multi-outlet Mumbai-based chain of gourmet bakeries and patisseries. Grill Splendour presently operates 17 outlets of which the company owns 12 whereas five are operated on a franchise model.

The company is promoted by Vivek Vijaykumar Sood, Vandana Srinidhi Rao, and Srinidhi V Rao, who presently have a 49.75% shareholding in Grill Splendour. The promoters' shares will be diluted to 36.64% post the issue.

The company’s posted revenue of ₹15.3 crore in FY 2022-23 compared with ₹11.5 crore in FY 2021-22 and ₹8.25 crore in FY 2020-21. Its profit after tax (PAT) stood at ₹1.99 crore in FY23 compared with ₹3.46 lakh in FY22 and a loss of ₹3.63 lakh in FY21.

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