Esprit Stones share price makes a lukewarm debut, stock opens with a mere 7% premium at ₹93.15 apiece on NSE SME

Esprit Stones share price made a positive debut on NSE SME today. Esprit Stones share price today opened at ₹93.15, which is 7.1% higher than the issue price of ₹87.

The initial public offering (IPO) of Esprit Stones had a subscription period that ran from Friday, July 26, until Tuesday, July 30. With a face value of ₹10, shares in the Esprit Stones IPO are priced between ₹82 and ₹87. At least 1600 of those shares are up for bid, and there are multiples of those shares available. Esprit Stones IPO subscription status was 185.82 times on the last day of bidding.

Established in 2016, Esprit Stones Limited crafts quartz and marble engineered surfaces. With two polishing lines and three pressing lines as of March 2024, the Manufacturing Facility I can produce about 72 lakh square feet annually. Furthermore, in our Manufacturing Facility II, we began to produce the quartz grit and quartz powder needed to manufacture engineered quartz. The third industrial facility of the company produces unsaturated polyester resin.

The company's listed peers include Pokarna Ltd (P/E of 25.33), Pacific Industries Ltd (P/E of 16.43), Global Surfaces Ltd (P/E of 51.34), and Elegant Marbles & Grani Industries Ltd (P/E of 23.69), according to the red herring prospectus (RHP).

Esprit Stones Limited's profit after tax (PAT) grew by 190.04% between March 31, 2024, and March 31, 2023, while its sales increased by 56.07% over the same period.

Esprit Stones IPO details

The Esprit Stones IPO, valued ₹50.42 crore, includes a fresh issuance of 5,795,200 equity shares with a face value of ₹10. There is no "offer for sale" component.

The company's working capital needs, investments in its subsidiary Haique Stones Private Limited (HSPL), and loan repayment and/or prepayment are the primary uses of the net funds from the offering.

Link Intime India Private Ltd is the issue's registrant, while Srujan Alpha Capital Advisors LLP and Choice Capital Advisors Private Ltd are its lead managers.

Esprit Stones IPO GMP today

Esprit Stones IPO GMP is +33. This indicates Esprit Stones share price were trading at a premium of ₹33 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Esprit Stones share price was indicated at ₹120 apiece, which is 37.93% higher than the IPO price of ₹87.

'Grey market premium' indicates investors' readiness to pay more than the issue price.'

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