BSE SME Neopolitan Pizza and Foods sees a subdued listing

Shares of Neopolitan Pizza and Foods were trading at Rs 20.21 on the BSE, a premium of 1.05% compared with the issue price of Rs 20.

The scrip was listed at Rs 19.25, a discount of 3.75% compared to the initial public offer (IPO) price. The stock was currently up 1.05% over its listing price.

The counter hit a high of Rs 20.21 and a low of Rs 18.29. About 13.44 lakh shares of the company changed hands at the counter.

NeoPolitan Pizza and Foods' IPO was subscribed 31.13 times. The issue opened for bidding on 30 September 2024 and it closed on 4 October 2024. The price of the IPO was set at Rs 20 per share.

 

The IPO comprised fresh issue of 60,00,000 equity shares. The promoter and promoter group shareholding diluted to 47.03% from 72.68% pre-issue.

The company plans to use the net proceeds to expand its retail network by opening 16 new quick-service restaurants (QSRs), paying security deposits and advance rent, covering working capital needs, and supporting general corporate expenses.

Neopolitan Pizza and Foods operates in two segments, namely the restaurant business and the trading of agricultural commodities. In the restaurant business, the company owns and operates its own restaurants as well as operates through a franchise model. The company offers Neopolitan-style pizza, which is a traditional Italian pizza made with fresh ingredients. In addition to the restaurant business, the company also engages in the trading of agricultural commodities such as wheat, rice, tomatoes, onions, and other such products. As on 31 March 2024, the company had 33 employees.

As of March 31, 2024, the company had 21 restaurants located in more than 16 cities, spread across 2 states and union territories in India.

The company recorded revenue from operations of Rs 44 crore and net profit of Rs 2.10 crore for the period as of 31 March 2024.

Powered by Capital Market - Live News