Shares of Interiors & More were quoting at Rs 283.50 on the NSE, a premium of 24.89% compared with the issue price of Rs 227.
The scrip was listed at Rs 270, a premium of 18.94% compared with the initial public offer (IPO) price. The stock is currently frozen at its upper limit of 5% over its listing price.The counter hit a high of Rs 283.50 and a low of Rs 270. About 6.58 lakh shares of the company changed hands at the counter.
Interiors & More's IPO was subscribed 7.67 times. The issue opened for bidding on 8 February 2024 and it closed on 20 February 2024. The price band of the IPO was set at Rs 216 to 227 per share.
The IPO comprised fresh issue of 18,54,400 equity shares. The promoter and promoter shareholding diluted to 69.93% from 95.08% pre-IPO.
The company intends to utilize the net proceeds for repayment/ prepayment of certain debt facilities, working capital requirements, general corporate purposes.
Ahead of the IPO, Interiors & More on 14 February 2024, raised Rs 11.94 crore from anchor investors. The board allotted 5.26 lakh shares at Rs 227 per share to 3 anchor investor.
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Interiors & More focused on trading artificial flowers, importing them and selling them domestically. Following its success with artificial flowers, the company expanded into decorative items such as vases, plants, planters, wedding props, lights, furniture, fabric, chandeliers, candles, fragrance, and other related dor items. They are a manufacturer and trader of quality artificial flowers, plants, and other home and office dor items. It has an in-house manufacturing plant where they make items. The company sources raw materials from both domestic and foreign markets.as on 31 December 2023, the company has 93 permanent employees.
The company recorded revenue from operations of Rs 18.42 crore and net profit of Rs 3.54 crore for the period as on 31 December 2023.
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