Greenchef Appliances SME IPO Lists with 20% Premium on NSE SME
Greenchef Appliances Ltd Makes Impressive Debut on NSE SME, Lists at Premium of 20%
Greenchef Appliances Ltd successfully debuted on the NSE SME exchange on Thursday, surpassing expectations with a notable premium.
The opening price of Greenchef Appliances’ shares stood at ₹104 per share, marking a remarkable 19.5% increase over the issue price of ₹87 on the NSE SME exchange.
During the initial public offering (IPO), Greenchef Appliances set the price range between ₹82 and ₹87 per share. The IPO subscription period commenced on Friday, June 23, and concluded on Tuesday, June 27.
The non-institutional bidders (NII) exhibited overwhelming interest, with the subscription rate reaching an impressive 96.01 times on the third day. The retail portion observed a subscription rate of 62.63 times, while the qualified institutional buyers (QIBs) portion recorded a subscription rate of 17.11 times. The final day of the IPO saw a cumulative subscription rate of 44.89 times, according to data from chittorgarh.com.
Greenchef Appliances’ IPO primarily consisted of a fresh issue of approximately 61.63 lakh shares. The company aimed to raise ₹53.62 crore through this initial share sale, targeting the higher end of the price band.
The funds generated from the IPO will be allocated towards various purposes, including capital expenditure for the installation of new plant and machinery, construction of a manufacturing facility, working capital requirements, and general corporate activities.
Greenchef, renowned for its quality kitchen appliances, offers an extensive range of products under its brand name. Their product line includes gas stoves, pressure cookers, and mixer grinders, among others.
The company has reserved 50% of the net offer for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 35% for Retail investors, ensuring fair participation across different investor categories.
Hem Securities serves as the book-running lead manager for the IPO, while Link Intime India Private Ltd acts as the registrar.
For the fiscal year ending in March 2023, Greenchef Appliances achieved a total revenue of ₹256 crore, accompanied by a net profit of ₹10.2 crore.
About Greenchef Appliances:
Greenchef Appliances Limited is a home appliance manufacturer that specializes in cookware and kitchen accessories. In addition to their wide range of products, they also offer ladders, fans, emergency lights, spin mops, bottles, chimneys, gas stoves, mixer grinders, and cookers. Greenchef Appliances caters to customers in India.
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