Esprit Stones IPO Opens; Check Price Band And Day 1 Subscription Status
This book-built SME issue involves a fresh issuance of 57.95 lakh shares.
Esprit Stones Ltd's initial public offering of Rs 50.42 crores has opened for subscription today, July 26, and will remain open until July 30. This book-built issue involves a fresh issuance of 57.95 lakh shares.
Esprit Stones IPO Details
The price band for the IPO has been set between Rs 82 and Rs 87 per share. Investors can participate in the offering, with the allotment process expected to be finalised by July 31. The shares are scheduled to be listed on the NSE SME platform, with the tentative listing date set for August 2.
The IPO offers a minimum lot size of 1,600 shares, with the minimum investment amounting to Rs 1,39,200 for retail investors. High networth individuals (HNIs) must invest in at least two lots (3,200 shares), totalling Rs 2,78,400.
The SME IPO offers 5,795,200 shares, out of which 18.55% are reserved for qualified institutional buyers (QIBs), 13.91% for non-institutional buyers (NIIs), 32.47% for retail investors and 27.83% for Anchor investors.
The book-running lead managers for the IPO are Choice Capital Advisors Pvt Ltd and Srujan Alpha Capital Advisors LLP, with Link Intime India Private Ltd serving as the registrar and Choice Equity Broking as the market maker.
Esprit Stones IPO Day 1 Subscription Status
The IPO has been subscribed 2.07 times as of 07:30 pm, Friday.
Anchor investors: 1 time
Non-institutional buyers: 1.45 times
Retail investors: 3.64 times
Qualified Institutions: 0.00 times
About Esprit Stones Ltd.
Founded in 2016, Esprit Stones Ltd. specialises in the manufacture of engineered quartz and marble surfaces. The company's manufacturing facilities include Facility I, which features three pressing lines and two polishing lines with an annual production capacity of approximately 72 lakhs sq. ft., and Facility II, which produces quartz grit and powder. Facility III focuses on unsaturated polyester resin production. Esprit Stones has achieved several key certifications, including ISO 14001:2015, ISO 45001:2018, ISO 9001:2015, NSF, and Green Guard. As of May 31, the company employed 295 people.
Use Of Funds
The IPO proceeds will be allocated to several key areas. Primarily, the funds will be used to meet the company's working capital needs. A portion will be invested in the subsidiary, Haique Stones Private Limited (HSPL), for the repayment or prepayment of its outstanding borrowings, as well as to support its working capital requirements. Additionally, funds will be used for general corporate purposes.
Financials Of The Company
Financially, Esprit Stones has demonstrated growth. For the fiscal year ending March 31, the company's revenue increased by 56.07% compared to the previous year, while profit after tax (PAT) surged by 190.04%, highlighting robust operational performance and financial health.
