Bizotic SME IPO lists at premium on BSE but fails to sustain gains
Bizotic Commercial Ltd’s shares made an impressive debut on the BSE SME exchange, opening at a premium on Friday. However, the initial gains were short-lived as the stock experienced a decline of over 2%.
Priced at ₹180 per share, a 3% increase from the issue price of ₹175, the stock reached an intraday high of ₹181.95 per share, before dipping to ₹180, as recorded at 10:03 IST on the BSE SME.
The IPO of Bizotic Commercial, valued at ₹42.21 crore, consists of a fresh issue of 24.12 lakh shares with a face value of ₹10 each, priced at ₹175 per share.
The subscription for the IPO reached 1.87 times on Day 4, with the retail portion witnessing a 1.74 times subscription, while other participants subscribed at 2 times. On Day 3, the subscription stood at 1.29 times, while Day 2 and Day 1 recorded 1.11 times and 37% subscription, respectively.
The public offering entails a lot size of 800 shares, with a minimum investment requirement of ₹140,000 for retail investors.
On June 20, the company will determine share allocation, followed by the refund process on June 21. On June 22, the allotted shares will be credited to the demat accounts of the investors.
The net proceeds from the IPO will be allocated towards opening retail locations, loan repayment, working capital requirements, general corporate purposes, and public offering expenses.
Interactive Financial Services Ltd is the lead manager for the Bizotic Commercial IPO, with Bigshare Services Pvt Ltd serving as the registrar.
In the quarter ending March 2022, Bizotic Commercial reported a net profit of ₹59.57 lakh, generated from total revenues of ₹53.42 crore.
Bizotic Commercial specializes in the design, manufacturing, and marketing of readymade garments under the brand name Urban United. Their product range includes men’s Casual Wear, Formal Wear, Party Wear, Ethnic Wear, Fit Wear, Sports Wear, Comfort Wear, and Winter Wear, available through both retail stores and e-commerce platforms.
As of March 2023, Bizotic Commercial operated a total of 20 locations across Rajasthan and one in Bihar. Out of these, four were company-owned, located in Jaipur, Jodhpur, Bhilwara, and Chittorgarh, while the remaining 17 operated as franchised stores.
Bizotic is a prominent provider of training and assessment services within the higher education sector. Our operations span across multiple states, including Karnataka, Andhra Pradesh, Telangana, and Maharashtra. We have established partnerships with over 100 engineering, management, and other esteemed professional colleges in these regions. Our focus is to enhance the learning experience and academic performance of students through our comprehensive programs and services.
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