Shares of Italian Edibles were quoting at Rs 57.75 on the NSE, a discount of 15.07% compared with the issue price of Rs 68.
The scrip was listed at Rs 55, a discount of 19.12% compared with the initial public offer (IPO) price. The stock is currently frozen in a lower limit of 5% over its listing price.The counter hit a high of Rs 57.75 and a low of Rs 52.25. About 9.08 lakh shares of the company changed hands at the counter.
Italian Edibles' IPO was subscribed 141.44 times. The issue opened for bidding on 2 February 2024 and it closed on 7 February 2024. The price of the IPO was fixed to Rs 68 per share.
The IPO comprised fresh issue of 39,20,000 shares. The promoter and promoter shareholding diluted to 73.47% from 100% pre-IPO.
The company intends to utilize the net proceeds for setting up of the proposed manufacturing unit, repayment of certain borrowings, to meet incremental working capital requirements and general corporate purposes.
Italian Edibles is a confectionery business offering a varied range of products such as rabdi, milk paste, chocolate paste, lollipops, candies, jelly candies, multi-grain puff rolls, and fruit based products. Its top customers as of 31 August 2023, include Chocolate World, Yuvraj Agency, Bakewell Biscuits Private, R. K. Prabhavati Traders, Mamta Stores, Ma Laxmi Traders, and Suria Distributor. With 227 employees (as on August 2023), the company has been producing confectionery for the past 14 years.
The company recorded revenue from operations of Rs 30.51 crore and net profit of Rs 2.09 crore for the period as on 31 August 2023.
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