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  1. Interiors and More shares list at 19% premium to IPO price

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Interiors and More shares list at 19% premium to IPO price

Upstox

3 min read | Updated on February 23, 2024, 16:44 IST

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SUMMARY

The ₹42-crore Interiors and More IPO, which was open for subscription from February 15 to 20, was priced at ₹216-227 per share.

Interiors and More.jpeg

Interiors and More shares list at 19% premium to IPO price

Shares of small and medium enterprise (SME) Interiors and More Ltd made their trading debut on an upbeat note, listing at a premium of nearly 19% on Friday, February 23.

Interiors and More shares opened the session at ₹270 apiece, which was 18.9% higher compared with its initial public offering (IPO) price of ₹227 per share. Soon thereafter, the stock jumped by another 5% from its opening price to trade at the day’s high of ₹283.5.

The ₹42-crore Interiors and More IPO, which was open for subscription from February 15-20, was priced at ₹216-227 per share. The lot size was fixed at 600 shares. This aggregated to a minimum application amount of ₹1.36 lakh for retail investors.

Given the listing on Friday, investors who were successfully allotted Interiors and More shares would be sitting at a profit of at least ₹25,800 as soon as trading began in the stock.

The SME IPO was subscribed 10.75 times at the end of the last day of subscription. The public issue had received bids for a total of 1.42 crore shares as against 13.24 lakh shares on offer.

The non-institutional investors’ (NII) portion was oversubscribed by 30 times. The investors submitted bids for 81.11 lakh shares against 2.64 lakh shares on offer for the category.

The qualified institutional buyers’ (QIB) quota saw an oversubscription of over 4 times, with bids for 12.43 lakh shares as against 3.51 lakh shares reserved for the category. On the other hand, the retail investors’ portion in the Interiors and More IPO was oversubscribed by nearly 7 times, with bids for 48.76 lakh shares as compared to 6.15 lakh shares on offer.

The Interiors and More IPO was entirely a fresh issue of 18.5 lakh shares. The company earlier informed that proceeds from the public issue would be used by the company to meet its working capital requirement and for general corporate purposes. The money raised would also be used to repay or pre-pay certain existing debts.

The company had also raised ₹11.94 crore from anchor investors just before the opening of the IPO subscription.

Interiors and More Ltd promoters include names like Manish Mohan Tibrewal, Ekta Tibrewal, Rahul Jhunjhunwala, Puja Jhunjhunwala and Reena Jhunjhunwala.

Interiors and More was incorporated in 2012 and the company was initially engaged in trading of artificial flowers. It has now emerged as a leading player in the home and office décor industry. The company’s product portfolio includes decorative items such as vases, plants, planters, wedding props, lights, furniture, fabric, chandeliers, candles, fragrance and other related décor items.

Uplearn

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Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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