Striders Impex shares off to a tepid start, list at 3% discount to IPO price on NSE SME

Striders Impex IPO listing: Shares of Striders Impex made a lacklustre debut on Friday, March 6, amid a weak trend in the Indian stock market as they listed at a nearly 3% discount on the NSE SME segment.

Striders Impex share price was listed at ₹70, down 2.78% as against the initial public offering (IPO) price of ₹72. The listing missed Street expectations as the grey market premium (GMP) had pointed to a flat debut.

Striders Impex IPO GMP ahead of listing was nil, suggesting that the shares could debut at the same level as the offer price.

Striders Impex IPO Details

Striders Impex IPO garnered a tepid response for its share sale as it garnered bids for 44,72,000 shares as against 33,53,600 shares on offer, resulting in a 1.33 times subscription. The individual investor portion failed to be fully subscribed, closing with 78% bids.

Meanwhile, the non-institutional investor (NII) and qualified institutional buyer (QIB) quotas were booked 1.70 times and 2.03 times, respectively.

The ₹36-crore Striders Impex IPO was a combination of a fresh issue of 0.45 crore shares worth ₹32.62 crore and an offer for sale (OFS) component of 0.05 crore shares worth ₹3.666 crore.

The offer was available for bidding from February 26 to March 2. The allotment for the IPO was finalised on March 4.

Striders Impex IPO price band was fixed at ₹71 to ₹72 per share. At the upper end of the price band, retail investors were required to invest a minimum of ₹2,30,400to bid for at least two lots.

The company plans to use the proceeds from the fresh share sale to fund working capital needs, invest in subsidiaries, repay loans, and cover general corporate purposes.

Striders Impex is engaged in the business of licensing, own brand development, and distribution of toys and kids' consumer merchandise. The company offers end-to-end solutions from product design and development to sourcing, manufacturing and distribution, catering to retail formats across India and select international markets.

In addition to developing and distributing licensed merchandise, the company has created and developed a portfolio of proprietary intellectual properties (IPs), including Pugs at Play, Furry Pals, Gurliez, etc., enabling it to build brand equity, improve margins, and diversify its product mix.

Capital Square Advisors is the book-running lead manager, and MUFG Intime India is the registrar of the issue.

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