According to its Red Herring Prospectus (RHP), the company is a well-known supplier of retail furniture and fixtures, offering a wide range of services and in-store solutions for various industries and retail locations.
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Also Read: Naman In-Store IPO (India): Price band, issue size, other key details to know
Additionally, the company produces modular furniture for low-rise kitchens, offices, beauty salons, schools, and supermarket shelves.
There are no listed companies in India that operate like this company. Therefore, they did not provide a comparison of the industry to the company, according to the company’s RHP.
Between the fiscal year ending March 31, 2023 and March 31, 2022, the company had a 193.48% increase in revenue and a 1696.28% jump in profit after tax (PAT).
Also read: Aluwind Architectural IPO announces price at ₹45 each; number will open on March 28
Naman In-Store (India) IPO Subscription Status
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 at chittorgarh.com, the Naman In-Store IPO was oversubscribed by 10.52 times at 15:05 IST.
The retail part was booked 15.35 times, non-institutional buyers category got 8.57 times subscription, and QIBs segment was booked 3.51 times.
The company received bids for 1,99,20,000 shares against 18,94,400 shares offered, at 15:05 IST, according to data on chittorgarh.com.
Also Read: Vruddhi Engineering Works IPO to open next week, price band set at ₹66-70 each; details here
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 approximately ₹25.35 crores. It’s a completely fresh thing with no bid-sell component.
The company intends to use the proceeds of the offering to finance capital expenditures for the construction of a manufacturing facility, general corporate purposes, and leasing property at Butibori, MIDC, where it intends to transfer its current manufacturing operations.
The registrar of the Naman In-Store (India) IPO 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 gray market premium is +70. This indicates that Naman In-Store’s share price was trading at a premium of ₹70 in the gray market, according to investorgain.com.
Considering the upper end of the IPO price range and the current premium in the gray market, the estimated list price of Naman In-Store’s share price was indicated at ₹159 per which is 78.65% higher than the IPO price of ₹89.
“Grey market premium” indicates the willingness of investors to pay more than the issue price.
Also Read: Vishwas Agri Seeds IPO: Check latest GMP, subscription status on day 2, other details
Naman In-Store IPO Review
The company is in a highly competitive and fragmented market, said Dilip Davda, contributing editor at Chittorgarh. To match the asking price, it appears that the margins reported for the first half of FY24 have been fabricated. Some question the sudden rise in rands from FY23 onwards. For the medium-term gains, experienced investors can park moderate amounts of money, advised Davda.
Disclaimer: The above views and recommendations are those of individual analysts, experts and trading companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 22 Mar 2024, 15:08 IST