Grill Splendour Services makes muted debut, lists at 1% premium over IPO price

Bakery chain Grill Splendour Services Ltd (Birdy’s) made a muted debut on stock exchanges on Tuesday, April 23, with shares listing at a premium of 1% over the issue price.

Grill Splendour Services shares listed on the NSE SME platform, Emerge.

The stock started trading at ₹121.3 per share against the issue price of ₹120 apiece, reflecting a premium of just 1%. However, shares were locked in upper circuit of 5% at ₹127.35 apiece at 11:30 am.

Around 4.86 lakh shares of the company traded on NSE while the turnover was ₹5.9 crore. Market capitalisation of the company stood at ₹62.63 crore.

Grill Splendour Services Ltd IPO booked more than 8 times

Grill Splendour Services Ltd IPO was open for subscription from April 15 to April 18. Grill Splendour Services IPO comprised a fresh issue of 13.72 lakh shares. The price was fixed at ₹120 per share.

Grill Splendour Services reserved 50% of the net issue for retail investors and the rest for other categories of investors. As many 69,600 shares were set aside for market maker Rikhav Securities.

At the end of bidding, the ₹16.47 crore IPO was subscribed 8.73 times on the back of strong demand from retail investors.

According to the NSE data, the IPO received bids for 1.13 crore equity shares worth ₹137 crore against 13.03 lakh equity shares on offer.

Retail individual investors’ portion was booked more than 12.77 times. Bids for 83.25 lakh shares were received against 6.51 lakh shares on offer. Non-institutional investors’ category was booked more than 4 times. Bids for 30.58 lakh shares were received against 6.51 lakh shares on offer.

Grill Splendour Services announced share allotment on Friday, April 19. Investors can check Grill Splendour Services IPO share allotment status on the website of IPO registrar, Bigshare Services Pvt Ltd as well as on NSE website.

Bigshare Services Pvt Ltd was the Grill Splendour Services IPO's registrar.

About Grill Splendour Services and utilisation of IPO proceeds

Grill Splendour Services has proposed to use IPO proceeds to meet its working capital requirements and repayment or prepayment of debts.

A part of the money raised in the public issue will be used for general corporate purposes.

Mumbai-based Grill Splendour Services (Birdy’s) is a chain of gourmet bakeries and patisseries. The company started as a hospitality company in November 2019. It bought bakery and confectionery business from WAH Restaurants Pvt. Ltd. Grill Splendour operates 17 outlets of which 12 are company owned whereas five are franchise-based outlets.

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