24, February, 2024
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Fonebox Retail IPO: Robust Start with Strong Investor Interest and Grey Market Premium

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Fonebox Retail Ltd’s initial public offering (IPO), which commenced public subscription on January 25, has garnered significant attention from investors.

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The Rs 46.08-crore SME IPO will be open for subscription until January 30, and as of 12:32 pm on the first day, it has achieved a subscription of 4.37 times, with bids for 84,68,000 shares against the 19,38,000 shares on offer.

The retail category witnessed an impressive 17.99 times subscription, while the non-institutional investor (NII) category achieved 1.04 times subscription. The IPO allotment is scheduled for January 31, with listing on the NSE SME on February 2, 2024.

In the grey market, unlisted shares of Fonebox Retail Ltd are trading Rs 120 higher than the issue price, signaling a robust 171.43 per cent listing gain expectation. The ‘grey market premium’ reflects investor willingness to pay more than the issue price, providing insights into market sentiments.

Key details of the Fonebox Retail IPO:

  • IPO size: Rs 20.37 crores
  • Type: Fresh issue of 29.1 lakh shares
  • Price band: Rs 66 to Rs 70 per share
  • Minimum lot size: 2,000 shares
  • Retail investor minimum investment: Rs 1,40,000
  • HNI minimum lot size investment: 2 lots (4,000 shares), amounting to Rs 2,80,000

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Beeline Capital Advisors Pvt Ltd serves as the book-running lead manager for the Fonebox Retail IPO, with Kfin Technologies Limited as the registrar and Spread X Securities as the market maker. Investors are closely watching this IPO, anticipating a successful journey in the competitive market landscape.

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