Parmeshwar Metal and Davin Sons Retail IPOs open for subscription: Key details to know

The BSE SME initial public offers of Parmeshwar Metal Ltd and Davin Sons Retail Ltd opened for public subscription on Thursday, January 2. The initial share sales will conclude on January 6.

Their allotment statuses will be finalised on January 7, while the listing will occur on January 9.

Parmeshwar Metal IPO

The ₹24.74 crore book-built issue is exclusively a fresh issue of 40.56 lakh equity shares.

The money raised will be used to set up a manufacturing facility in Gujarat, renovate a furnace for copper melting, meet working capital requirements, and for general corporate purposes.

The price band has been set at ₹57 to ₹61 per share. An investor can bid for a minimum of 2000 shares, needing an investment of ₹1,22,000. The high net-worth individuals must apply for at least 4,000 shares worth ₹2,44,000.

Beeline Capital Advisors is the book running lead manager, while Link Intime India is the registrar.

Parmeshwar Metal is a leading copper wide rod manufacturer serving various industries, including power cables, transformers, building wires, household cables, and automotive. It produces copper wire rods in various sizes, such as 1.6 mm, 8 mm, and 12.5 mm, to meet customers' requirements. It has an in-house testing laboratory to meet stringent quality standards.

Davin Sons Retail IPO

Davin Sons Retail's ₹8.78 crore initial share sale is a fresh issuance of 15.96 lakh equity shares.

The IPO proceeds will finance capital expenditures, such as the purchase of a warehouse, part-finance working capital requirements, and serve general corporate purposes.

It is a fixed-price issue at ₹55 per share. An investor can apply for at least 2000 shares with ₹1,10,000. For HNIs, the minimum investment is 4000 shares, amounting to ₹2,20,000.

The book-running lead manager for the issue is Navigant Corporate Advisors, while the registrar is KFin Technologies.

Davin Sons operates in two business verticals: garment manufacturing and FMCG distribution. It specialises in manufacturing ready-made garments and sources fabric directly from manufacturers in Delhi and Mumbai.

It also serves as a distributor for leading FMCG brands in the country, offering products like biscuits, chips, chocolates and non-alcoholic energy drinks on a distributorship and non-distributorship basis.