Italian Edibles IPO announces price band at ₹68 apiece; check issue details, key dates, more

Italian Edibles Limited IPO price band has been set at ₹68 apiece. Italian Edibles IPO will open for subscription on Friday, February 02, and close on Wednesday, February 07. Italian Edibles IPO lot size consists of 2,000 shares. Investors can bid for a minimum of 2,000 shares and in multiples thereof. The issue price is 6.8 times the face value of ₹10.

The company's draft red herring prospectus (DRHP) states that for the past 14 years, the Italian Edibles has been making delicious candy products. The brand name "Ofcourse" is used to market the company's confectionery items. The company offers a variety of confections to its consumers, including candy, jelly candies, multi-grain puff rolls, lollipops, milk paste, chocolate paste, and Rabdi [Meethai Sweet]. The company's two functioning production units are situated in Madhya Pradesh's Gramme Palda and Prabhu Toll Kanta.

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Italian Edibles IPO comprises a fresh issue of 39,20,000 equity shares aggregating to ₹26.66 crore. This is a completely a fresh issue, and there is no offer-for-sale component.

The company intends to use the net funds from the offering for the following purposes: setting up the planned manufacturing unit; paying back certain loans; covering increased working capital needs; and general corporate expenses.

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“We believe that listing will enhance our corporate image and visibility of brand name of our Company. We also believe that our company will receive the benefits from listing of equity shares on the Emerge Platform of NSE. It will also provide liquidity to the existing shareholders and will also create a public trading market for the equity shares of our company,” said the company in its DRHP.

The promoters of the company are Ajay Makhija and Akshay Makhija. 

Italian Edibles IPO's sole book running lead manager (BRLM) is First Overseas Capital Ltd, and the registrar to the issue is Bigshare Services Pvt Ltd.

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