Interiors and More IPO gets tepid response on Day 1: Check issue size, price band and subscription status
Upstox
4 min read • Updated: February 15, 2024, 8:02 PM
Summary
Interiors and More has fixed a price band of ₹216 to ₹227 per share for its ₹42 crore IPO. The Interiors and More IPO subscription will close on February 20.
The Interiors and More initial public offering (IPO) received a poor response from the investors on its opening day on Thursday, February 15. The Interiors and More IPO subscription will remain open till February 20.
According to the data available on the National Stock Exchange of India (NSE), Interiors and More Ltd IPO received bids only for 2.42 lakh shares compared to 13.24 lakh shares on offer at the end of first day.
Let’s take a look at issue size, price band, minimum investment, subscription status and other key details of the Interiors and More IPO.
Interiors and More IPO Issue size, price band and lot size
The company aims to raise ₹42 crore through the public issue. The company has set a price band of ₹216 to ₹227 per piece at a face value of ₹10 each. The proceeds from the IPO will be used for meeting the working capital requirement and general corporate purposes. Further, Interiors and More Ltd will also repay or pre-pay certain debts using money raised in the IPO.
Interiors and More IPO is an entirely fresh issue of 1,850,400 equity shares aggregating to ₹42 crore at the upper limit of the price band. The company is promoted by Manish Mohan Tibrewal, Rahul Jhunjhunwala, Ekta Tibrewal, Puja Jhunjhunwala and Reena Jhunjhunwala who presently hold 95.08% stake in the company. Post the IPO, the promoters’ equity will be reduced to 69.93%.
Interiors and More Ltd has appointed Gretex Corporate Services Limited as the book-running and lead manager and Bigshare Services Pvt Ltd as the registrar for the IPO.
The company has reserved 35% of the public issue for retail individual investors (RIIs) and 15% for non-institutional investors (NIIs). The remaining 50% of the equity share in the IPO has been set aside for the qualified institutional buyers (QIBs).
The company raised ₹11.94 crore, through the anchor investment round, which saw participation from Meru Investment Fund PCC-Cell, Saint Capital Fund and AG Dynamic Fund Limited.
Retail investors can submit their bids for Interiors & More Ltd IPO in a minimum lot size of 600 shares worth ₹1,36,200.
Interiors and More Ltd IPO allotment, listing dates
Investors can submit their bids for Interiors and More Ltd shares between February 15 and February 20. Following the end of IPO subscription period, the company is expected to finalise the basis of allotment on February 21. The credit of shares to the demat account of the investors will be done on February 22. Listing of shares is expected on February 23. Interiors and More Ltd shares will be listed on NSE Emerge, the dedicated trading platform for small and medium enterprises on the bourse.
About Interiors and More Ltd
Incorporated in 2012, Interiors and More is engaged in manufacturing artificial flowers, gift items and decor items. The company also supplies interior design materials and décor items for homes, offices, banquet halls, malls and commercial establishments.
Interiors and More Ltd has reported a consistent growth in its revenue and profit in the last three financial years. From ₹6.63 crore in FY21, the company's revenue increased to ₹9.98 crore in FY22 and ₹25.27 crore in FY23.
Interiors and More Ltd posted ₹5.9 crore net profit in FY23, ₹1.04 crore in FY22 and ₹43 lakh in FY21.
The company reported ₹18.53 crore revenue and ₹4.78 crore net profit for the first 9 months of FY 2024. Its EBITDA margin grew from 16.46% in FY21 to 38.08% in FY23.
In FY 2023, the company generated 68.12% of its revenue from Mumbai whereas Delhi and Gujarat contributed 5.99% and 25.89%, respectively.
To know more about IPOs listing, schedule and upcoming IPOs, click here