- The total issue size consisting of a fresh issue of 24.12 lakh shares of face value of ₹10 each at a fixed price of ₹175 per share
- As one lot will comprise 800 shares of the company, minimum amount required to apply for this apparel stock is ₹1,40,000
- HNIs will be allowed to apply for two lots
NE BUSINESS BUREAU
AHMEDABAD, JUNE 10
Bizotic Commercial Limited, an Ahmedabad-based company operating in the garment retail sector, on Saturday announced its Initial Public Offering (IPO) will hit the primary market next week. The public issue proposed for listing on BSE SME exchange is going to open on Monday, 12th June 2023 and it will remain open for bidding till Thursday, 15th June 2023.
The SME company aims to raise ₹42.21 crore from the primary market through issuance of 2,412,000 fresh issues of the company having face value of ₹10 each.
The company will offer its shares at a price of Rs 175 each in lots of 800. As one lot will comprise 800 shares of the company, minimum amount required to apply for this apparel stock is ₹1,40,000 ( ₹175 x 800). There will not be any discount for the retail investors and they can apply for only one lot. However, HNIs will be allowed to apply for two lots.
The likely date for share allocation is 20th June 2023. The SME IPO is proposed for listing on BSE SME exchange. Most likely date for share listing is 23rd June 2023.
The Lead Manager to the issue is Interactive Financial Services Limited. Bigshare Services Pvt Ltd has been appointed as official registrar of the SME IPO.
Talking with navjeevanexpress.com, Sanjay Gupta, CMD, Bizotic Commercial Limited, said, “The company intends to utilize the proceeds from the net issue for setting up retail stores, repayment of loan, working capital requirement, general corporate purpose, and meeting public issue expenses. With a shared vision and strong leadership, we ventured into the clothing business, establishing Urban United, men’s apparel brand, in Rajasthan. It encompasses various business segments, including trading, retail, and wholesale. Post-IPO, the company will take the number of its shops from the present 21 to 115 and most of them will be COCO (company operated and company owned) as they give better returns. All these expansion will be completed by FY24 with more thrust in Gujarat state. The company will make foray into kids and women’s apparel with more focus on online and international business.”
Sangita Agarwal, another promoter; Mohit Agarwal, director; Inderpreet Kaur, director and company secretary Shivani Vyas were also present at the IPO announcement meet.
In terms of financial performance, Bizotic Commercial Limited generated an income of Rs 53.41 crores during the year 2021-2022, with a profit after tax of Rs 59.57 lakhs. As of December 2022, the company achieved a total income of Rs 37.48 crores and a profit after tax of Rs 2.90 crores.
