2, March, 2024
HomeBusinessItalian Edibles Debuts on NSE SME at 19% Discount: IPO Highlights

Italian Edibles Debuts on NSE SME at 19% Discount: IPO Highlights

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Italian Edibles Limited made its market debut on February 12, listing at a 19 percent discount over the initial public offering (IPO) price on the NSE SME platform. The shares opened at Rs 55, compared to the issue price of Rs 68.

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Despite its discounted listing, the IPO garnered significant attention, with a subscription rate of 154.43 times. The retail portion saw an impressive oversubscription of 120.62 times, while non-institutional investors (NII) showed strong interest with a subscription rate of 177.37 times.

Leading up to the listing, Italian Edibles exhibited a 17 percent premium in the grey market, providing investors with insights into the potential listing price. The grey market premium (GMP) is a crucial indicator for many investors, offering a glimpse into market sentiment before the official listing.

The IPO, open for bidding from February 2 to February 7, had a fixed offer price of Rs 68 per share, with a minimum lot size of 2,000 shares.

The net proceeds from the IPO are earmarked for several purposes, including setting up a proposed manufacturing unit, repaying certain borrowings, meeting incremental working capital requirements, and covering general corporate expenses.

Established in 2009, Italian Edibles Limited specializes in a diverse range of confectionery products under the OfCour’s brand. These include rabdi, milk paste, chocolate paste, lollipops, candies, jelly sweets, multigrain puffed buns, and fruit-based products. The company operates two manufacturing units in Indore.

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While the initial listing may be at a discount, the market response to Italian Edibles’ IPO underscores the potential for growth and future prospects for the company in the confectionery industry.

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