Interiors and More IPO announces price band at ₹216-227 apiece; check issue details, key dates, more
- Interiors and More IPO price band set at ₹216-227; subscription open from Feb 15-20.
Interiors and More IPO price band has been set in the range of ₹216 to ₹227 apiece. Interiors and More IPO will open for subscription on Thursday, February 15, and close on Tuesday, February 20. Interiors and More IPO lot size consists of 600 shares. Investors can bid for a minimum of 600 shares and in multiples thereof. The issue price is 21.6 to 22.7 times the face value of ₹10.
According to the Red Herring Prospectus (RHP), for more than ten years, Interiors and More IPO has provided services to companies of every kind. As the organisation gained experience and time, it started to understand customer demands and adjust to the market. The business grew into decorative items including vases, plants, planters, wedding props, lighting, furniture, fabric, chandeliers, candles, scent, and other associated décor items once they saw success with artificial flowers.
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Presently, the business produces and sells high-quality fake plants, flowers, and other décor pieces for homes and workplaces. The goods are made by the firm at its own production facility.
Both local and global markets are suppliers of raw materials for the firm. Establishing Interiors and More in 2012. Originally, the business concentrated on importing and selling fake flowers on a domestic level. Indian marketplaces frequently use fake flowers since they mimic genuine flowers but are not perishable. Weddings, parties, business environments, and home décor frequently use artificial flowers.
As per RHP, the company does not have any listed peer group operating in the same line of business.
Manish Mohan Tibrewal, Rahul Jhunjhunwala, Ekta Tibrewal, Puja Jhunjhunwala, and Reena Jhunjhunwala are the company's promoters.
Interiors and More IPO comprises a fresh issue of 1,850,400 equity shares aggregating to ₹42 crore. This is a completely a fresh issue, and there is no offer-for-sale component.
The net proceeds from the fresh issue will be used by the company for working capital requirements, general corporate purposes, and the repayment or prepayment of certain debt facilities.
“We believe that listing will enhance our corporate image and brand name and create a public market for Equity Share of our Company in India and will further enable us to avail future growth opportunities,” the company said in its RHP.
The Interiors and More IPO's book running lead manager is Gretex Corporate Services Limited, and the issue's registrar is Bigshare Services Pvt Ltd. Gretex Share Broking is the market maker for the Interiors and More IPO.
Tentatively, Interiors and More IPO basis of allotment of shares will be finalised on Wednesday, February 21, and the company will initiate refunds on Thursday, February 22, while the shares will be credited to the demat account of allottees on the same day following refund. Interiors and More share price is likely to be listed on NSE SME on Friday, February 23.
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