Rexpro Enterprises IPO Day 1: NSE SME issue booked nearly 2 times on high retail demand; check offer size, price band and more

The initial public offering (IPO) of Rexpro Enterprises Ltd opened to a strong demand on Wednesday, January 22. The NSE SME issue was fully subscribed within hours of launch, led by retail investors.

Furniture manufacturer Rexpro Enterprises aims to raise ₹53.65 crore through the maiden share sale. The IPO subscription is open till January 24.

The retail investors showed the highest demand by booking their quota 3.28 times. The retail portion received bids for 57.69 lakh shares against 17.57 lakh shares on offer. The Non-Institutional Investors (NIIs) booked only 50% of their allocated quota of 17.57 lakh shares, with applications for 8.84 lakh shares.

The IPO received a total of 6,100 applications so far, with a total bidding value of ₹96.46 crore. Here’s a look at all the key details about Rexpro Enterprises IPO for the investors interested in participating in the subscription of the NSE SME issue.

Rexpro Enterprises IPO price band and other details

Rexpro Enterprises IPO price has been fixed at ₹145 per share. The IPO consists of a fresh issuance of 32.5 lakh shares, worth ₹47.13 crore, along with an offer-for-sale (OFS) component of 4.5 lakh shares, aggregating to ₹6.53 crore.

The retail investors can apply for at least a single lot size of 1,000 shares. The minimum investment amount per single lot for a retail application is ₹1,45,000. The High Networth Individuals (HNIs) can apply for at least 2 lots of 2,000 shares, aggregating to an investment of ₹2,90,000.

Horizon Management Private Ltd is the book-running lead manager of the Rexpro Enterprises IPO and Cameo Corporate Services Ltd is the issue registrar.

Rexpro Enterprises IPO dates

Following the subscription, the IPO allotment status is expected to be finalised on Monday, January 27. Refunds are scheduled to be processed on Tuesday, January 28. The successful bidders will also receive the shares in their Demat accounts the same day.

The company has proposed to list its shares on the NSE SME platform, Emerge, on Wednesday, January 29.

About Rexpro Enterprises and use of IPO proceeds

Rexpro Enterprises is a diversified product manufacturing firm. It started as a one-stop solution for retailers' furniture and fixture requirements. It has acquired clients across multiple retail segments, including fashion, lifestyle, grocery, electronics, beauty and telecom, among others.

Rexpro Enterprises has made complete standalone stores, kiosks, shop-in-shops, and displays for leading global brands and large Indian retailers. It has diversified into commercial and institutional furniture for hospitals, offices and government offices.

As per Rexpro Enterprises’ RHP, the company will be using the proceeds from the IPO to renovate the factory, fund working capital requirements, organic growth and general corporate purposes.

The furniture maker’s revenue stood at ₹49.56 crore for the period ended September 30, 2024, in the current financial year. Its Profit After Tax (PAT) stood at ₹4.08 crore during the period under review.

For the financial year ended March 31, 2024, Rexpro Enterprises’ revenue was recorded at ₹83crore compared to ₹62.89 crore in the preceding fiscal (FY23). The company’s profit after tax (PAT) for FY24 increased multifold to ₹5.18 crore compared to ₹63 lakh in FY23.