Interiors and More IPO, a company that manufactures and trades quality artificial flowers, plants, and decor items for homes and offices, is offering 1,850,400 shares in its IPO. The IPO raised over ₹11.94 crore from anchor investors on February 14, a day before it opened for subscription.
The manufacturing facility of Interiors & More Limited is fully furnished with all the necessary tools for production, test equipment for quality control, and additional handling supplies to enable efficient assembly and simple logistics, and is located in Gujarat.
However, the Interiors and More IPO received a tepid response from investors. On the second day of the issue, it received 6,00,000 shares against the offered 13,24,200. The retail category received 4,36,200 applications against offered 6,15,600 applications, and the QIB portion remained unsubscribed.
The price band for the Interiors and More IPO is set at ₹216 to ₹227 per share, with a minimum bid of 600 shares and multiples thereof. The minimum amount of investment required by retail investors is ₹136,200. The IPO is a book-built issue of ₹42.00 crores and is expected to be finalized on Wednesday, February 21, 2024, with a tentative listing date fixed as Friday, February 23, 2024.
The promoters of the company include Manish Mohan Tibrewal, Rahul Jhunjhunwala, Ekta Tibrewal, Puja Jhunjhunwala, and Reena Jhunjhunwala. The company’s revenue increased by 153.09%, and the profit after tax rose by 467.64% between the financial year ending March 31, 2023.
The shares of Interiors and More IPO are available at a premium of ₹5 in the grey market, which means that the shares of the SME IPO are trading ₹5 higher than the issue price of ₹227, indicating investor interest.
Given the response to the IPO, the company is likely to face a challenging market debut, with the listing price of Interiors and More IPO share price estimated at ₹232 apiece, higher than the IPO price of ₹227.
