Bizotic Commercial IPO Day 1 Subscription Status
The initial public offering (IPO) by Bizotic Commercial Ltd. for small and medium-sized businesses (SMEs) received 37% of its subscription on the first day. The public issue, which started on June 12 and is now available for subscription, will be available through June 15 on Thursday.
Non-institutional bidders (NII) shown strong interest on the first day of registration by signing up for 55% of their allowed share. According to chittorgarh.com, this equated to 18% of the total shares designated for NII.
Data on Chittorgarh.com as of 17:39 IST indicates that the business got bids for 839,200 shares, exceeding the 2,412,000 shares offered.
A fresh issuance of 2.412 million shares with a face value of 10 apiece, priced at 175 per share, makes up the whole issue size of Bizotic Commercial’s IPO, which has a total issue size of 42.21 crore.
The public sale will be divided into lots of 800 shares, and individual investors will need to spend a minimum of 140,000.
On June 20, the share distribution will be decided; on June 21, the refunding procedure will start. On June 22, the shares should be credited to the allottees’ demat accounts.
By June 23, Bizotic Commercial shares are expected to be listed on the BSE SME market.
The firm will use the net proceeds from the IPO to fund the opening of a new retail location, pay down debt, meet working capital needs, support overall corporate goals, and pay public offering costs.
The Bizotic Commercial IPO’s lead manager is Interactive Financial Services Ltd, and its registrar is Bigshare Services Pvt Ltd.
Bizotic Commercial recorded a net profit of 59.57 lakh on total revenue of 53.42 crore for the quarter ended in March 2022.
Under the brand name Urban United, Bizotic Commercial focuses on the design, production, and marketing of ready-to-wear apparel. Men’s casual, formal, party, ethnic, fit, sports, comfort and winter clothing are all part of their product line. The business uses both traditional retail outlets and online sales platforms to distribute its goods.
Bizotic Commercial will have 20 outlets open as of March 2023, spread across many Rajasthani cities and one in Bihar. Four of them are corporately owned, while the rest 17 run on franchises. In Rajasthan, the firm has locations in Jaipur, Jodhpur, Bhilwara, and Chittorgarh.
About Bizotic Commercial:
Bizotic Commercial Limited, a company founded in 2016, is engaged in the production, design, and marketing of ready-to-wear clothing. With its popular brand, URBAN UNITED, the company focuses on manufacturing and promoting a diverse range of garments. The company offers a comprehensive range of men’s clothing, including Formal Wear, Casual Wear, Party Wear, Fit Wear, Sports Wear, Comfort Wear, Ethnic Wear, and Winter Wear. These products are available for purchase through both physical retail stores and various e-commerce platforms.
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