Mish Designs IPO: Check GMP, subscription status on day 3, other key details | Mint
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Business News/ Markets / Ipo/  Mish Designs IPO: Check GMP, subscription status on day 3, other key details
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Mish Designs IPO: Check GMP, subscription status on day 3, other key details

Mish Designs IPO opens for subscription with a price band of ₹122, closing on November 2. Investors can bid for a minimum of 1000 shares. The company manufactures clothing under the brands 'MISH' and 'CURVES BY MISH'.

Mish Designs IPO has opened for subscription today (Tuesday, October 31), and will close on Thursday, November 2. Premium
Mish Designs IPO has opened for subscription today (Tuesday, October 31), and will close on Thursday, November 2.

Mish Designs IPO has opened for subscription on Tuesday, October 31, and will close on Thursday, November 2. Mish Designs IPO's price band is set at 122. Investors can bid for a minimum of 1000 shares and in multiples thereof.

The face value of the equity shares is 10 each and the issue price is 12.20 times the face value. 

Mish Designs manufactures clothing in India under the "MISH" and "CURVES BY MISH" brands. Currently, the business exports its goods to the United Arab Emirates using the "ZOEY" brand. To satisfy the various needs of its clientele, the business provides a selection of more than a thousand contemporary styles. Women's wear products from the company include dresses, tops, co-ords, t-shirts, trousers and palazzos.

The company's promoters are Sajan Bhartia and Kaushal Goenka.

As per the Red Herring Prospectus (RHP), Mish Designs IPO (with P/E of 21.75) listed peers are Aditya Birla Fashion and Retail Ltd, Go Fashion (India) Ltd (with P/E of 85.37), and Kewal Kiran Clothing Ltd (with P/E of 37.51).

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Mish Designs IPO details

Mish Designs IPO, which is worth 9.76 crore, is completely a fresh issue of 8,00,000 equity share; there is no offer for sale (OFS) component, according to Red Herring Prospectus (RHP).

Also Read: Cello World IPO: Check out 10 key things to know from RHP before investing

The company intends to use the issue's net proceeds to finance the following goals: general corporate purposes; branding and marketing campaigns; and working capital requirements.

The registrar of the Mish Designs IPO is Kfin Technologies Limited, while the book running lead manager is Aryaman Financial Services Limited. Nikunj Stock Brokers is the Mish Designs IPO market maker.

Mish Designs IPO Subscription Status

Mish Designs IPO subscription status was 133.16 times on day 1, so far. The issue received positive response from retail investors who's portion set was subscribed 162.35 times, and overwhelming response from non-institutional buyers who's portion set was subscribed 98.30 times, according to data on chittorgarh.com. 

The company has received bids for 9,61,43,000 shares against 7,22,000 shares on offer, at 16:20 IST, according to data on chittorgarh.com.

On day 1, Mish Designs IPO subscription status was 4.88 times, and the issue was subscribed 26.53 times on day 2. 

Also Read: Mamaearth IPO closes with lukewarm response on day 1; issue subscribed 12%

Mish Designs IPO GMP today

Mish Designs IPO GMP today or grey market premium is +50. This indicates Mish Designs share price were trading at a premium of 50 in the grey market on Tuesday, 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 Mish Designs share price was indicated at 172 apiece, which is 40.98% higher than the IPO price of 122.

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

Also Read: Cello World IPO fully booked on day 2, subscribed 1.21 times so far; NIIs steal the show

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions. 

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Published: 31 Oct 2023, 06:12 PM IST
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