Naman In-Store (India) IPO oversubscribed on Day 3, retail, NII steals the show; check latest GMP, review, more
- Naman In-Store (India) IPO open for subscription with a price band of ₹84 to ₹89 per share. Company offers retail furniture and fixtures services, with significant revenue and profit growth projected.
Naman In-Store (India) IPO has opened for subscription on Friday, March 22, and will close on Wednesday, March 27. The issue's price band has been fixed in the range of ₹84 to ₹89 per equity share of face value of ₹10 each. Bids can be placed for multiples of 1,600 shares, with a minimum bid of 1,600.
According to its Red Herring Prospectus (RHP), the company is a well-known supplier of retail furniture and fixtures, offering a comprehensive range of services and in-store solutions for various industries and retail locations.
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Additionally, the company manufactures modular furniture for low-housing kitchens, offices, beauty salons, schools, and supermarket shelving.
There aren't any listed companies in India that run like this company. Therefore, they haven't provided a comparison of the industry to the firm, according to the company's RHP.
Between the fiscal year ending on March 31, 2023, and March 31, 2022, the company had a 193.48% rise in revenue and a 1696.28% jump in profit after tax (PAT).
Naman In-Store (India) IPO Subscription Status
On the third day of subscription, the issue continued to get healthy responses from all the segments. Naman In-Store IPO subscription status was 308.96 times, at 17:38 IST, as per chittorgarh.com.
The retail portion was subscribed 328.67 times, the NII segment was booked 528.12 times, and QIB was subscribed 109.75 times.
The company received bids for 58,53,00,800 shares against 18,94,400 shares on offer, at 17:38 IST, according to data on chittorgarh.com.
Investor response to the issue was overwhelmingly positive on the second as well. The total subscription status was 71.27 times.
The NIIs component was subscribed to 73.17 times, while the retail portion was booked 106.08 times. 8.86 times as many subscriptions were obtained for the QIB section.
The company has received bids for 13,40,19,200 shares against 18,94,400 shares on offer, at 18:04 IST, according to data on chittorgarh.com.
Retail buyers, non-institutional buyers, and qualified institutional buyers (QIBs) all responded incredibly well to the SME IPO on its first day. According to data available on chittorgarh.com, the Naman In-Store IPO was oversubscribed by 16.32 times.
The retail portion was booked 23.80 times, non-institutional buyers category fetched 14.25 times subscription, and QIBs segment was booked 4.79 times.
The company received bids for 3,09,24,800 shares against 18,94,400 shares on offer, according to data on chittorgarh.com.
Naman In-Store IPO details
With a face value of ₹10, the Naman In-Store IPO is a fresh issue of 28,48,000 equity shares, valued at about ₹25.35 crore. It's an entirely fresh issue with no offer-for-sale component.
The company intends to utilise the proceeds from the offering to finance capital expenditures for the construction of a factory facility, general corporate purposes, and leasing property at Butibori, MIDC, where it intends to transfer its present production operations.
The Naman In-Store (India) IPO's registrar is Bigshare Services Pvt Ltd, and its book running lead manager is GYR Capital Advisors Private Limited. Giriraj Stock Broking is the market maker.
Naman In-Store IPO GMP today
Naman In-Store IPO GMP or grey market premium is +55. This indicates Naman In-Store share price were trading at a premium of ₹55 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 Naman In-Store share price was indicated at ₹144 apiece, which is 61.8% higher than the IPO price of ₹89.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
Naman In-Store IPO Review
The company is in a very competitive and fragmented market, said Dilip Davda, contributing editor at Chittorgarh. To match the asking price, it seems that the margins reported for the first half of FY24 were fabricated . Some question the abrupt increase in margins starting in FY23. For the medium-term gains, knowledgeable investors may park moderate amounts of money, advised Davda.
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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