Neelam Linens and Garments IPO opens on Nov 8: Check price band, lot size, timeline and key details

Neelam Linens and Garments IPO: The initial public offering of Neelam Linens and Garments (India) Ltd will be open for subscription from November 8 to November 12. The soft home furnishing company has set a price band of ₹20-₹24 per equity share.

The ₹13 crore initial share is entirely a fresh issue of 54.18 lakh equity shares. There is no offer-for-sale (OFS) component.

The money raised will be used to fund capital expenditures, such as purchasing embroidery machines; repaying certain borrowings; and serve general corporate purposes.

The book-running lead manager for the issue is Expert Global Consultants Pvt Ltd, while Purva Sharegistry India Pvt Ltd is the registrar.

Neelam Linens and Garments IPO: Lot size

Retail investors can apply for at least one lot size, comprising 6,000 shares worth ₹144,000. For high-networth individuals, the minimum lot size is two, valued at ₹288,000.

Half of the net issue is reserved for qualified institutional buyers, 15% for non-institutional investors and 35% for retail investors.

Neelam Linens and Garments IPO: Timeline

The allotment status is likely to be finalised on November 13. Neelam Linens and Garments IPO will likely be listed on the NSE SME platform Emerge on November 18.

Neelam Linens and Garments IPO: About the company

Maharashtra-based Neelam Linens and Garments IPO is a soft home furnishing firm that extends its services to global clients in countries such as the United States of America (USA), Australia, and the Far East. The company specialises in manufacturing bedsheets, duvet covers, pillow covers, towels, dohers, rugs, shirts, and garments for discounted retail outlets.

The company sources surplus or a bit imperfect fabric from the domestic market and applies value-added services such as designing, digital printing, stitching, dyeing and embroidery. The refined products are then distributed to discounted retail outlets in various countries.