Grill Splendour Services IPO: Price band fixed at ₹120 per share; subscription to open from April 15

On Wednesday, Grill Splendour announced that the price band of its initial public offering (IPO) has been fixed at ₹120 per share.

The fixed-price public issue will open for subscription for investors on Monday, April 15, and close on Thursday, April 18.

The lot size, or the minimum bid quantity, for the Grill Splendour Services IPO has been fixed at 1,200 shares. This aggregates into a minimum application amount of ₹1.44 lakh for retail investors (₹120 x 1,200). Since high net worth investors need to bid for at least 2 lots, the minimum investment amount for them would be ₹2.88 lakh (₹120 x 2,400).

Grill Splendour Services IPO issue size

The Grill Splendour Services IPO consists entirely of a fresh issuance of 13.7 lakh equity shares of face value of ₹10 each, with no offer-for-sale (OFS) component.

The company has reserved 50% of the net issue for retail investors, with the remaining 50% set aside for other categories of investors.

Grill Splendour Services IPO share allotment and listing date

Grill Splendour Services has appointed Bigshare Services Pvt Ltd as the registrar of the IPO, while the book-running lead manager is Inventure Merchant Banker Services Pvt Ltd. Rikhav Securities is the market maker for the issue.

After the four-day bidding ends on April 18, the share allotment status is expected to be finalized on April 19, Friday. Bidders who are successfully allotted shares can expect them to be credited in their demat accounts by Monday, April 22, with the remaining investors getting a refund in their bank accounts on the same day.

The Grill Splendour Services stock is likely to list on April 23, Tuesday, on the NSE Emerge platform.

About Grill Splendour Services

Grill Splendour Services was initially incorporated in November 2019 as a hospitality company to purchase the bakery and confectionery business from WAH Restaurants Pvt. Ltd, including the brand Birdy’s Bakery and Patisserie.

In a couple of years, Grill Splendour has become a leading Mumbai-based chain of gourmet bakeries and patisseries, with 17 retail stores, a centralised production facility, and multiple corporate clients.

Of the 17 locations, 12 are owned by the company and 5 are operated under the franchisee model.

The company's promoters are Vivek Vijaykumar Sood, Vandana Srinidhi Rao, and Srinidhi V Rao.

The company’s revenue stood at ₹15.3 crore in 2022-23 compared with ₹11.5 crore in 2021-22 and ₹8.25 crore in 2020-21.

Profit after tax (PAT), however, shot up sharply to ₹1.99 crore in FY23 compared with ₹3.46 lakh in FY22 and a loss of ₹3.63 lakh in FY21.

For the eight-month period of 2023-24 ending November 2023, the company’s profit was ₹61.65 lakh on a revenue of ₹8.86 crore.

As of February 29, 2024, the company employs a total of 77 full-time employees.

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