- Public issue will close on February 20, 2024
- Minimum lot size for application is 600 shares
- Company to list on NSE Emerge, SME Platform of NSE
- Funds raised through the issue will be used for repayment/ prepayment of certain debt facilities, working capital requirements and general corporate purposes
- For the financial year ended 31 March FY 2023, company reported total income of ₹27 crore and Net Profit of ₹5.92 crore.
NE BUSINESS BUREAU
AHMEDABAD, FEB 13
Gujarat-based Interiors & More Limited (formerly known as Interiors & More Private Limited), a manufacturer and trader of high-quality artificial flowers, plants and other decorative materials for decorating homes, businesses and events on Tuesday announced it is launching ₹42 crore public issue for subscription on Thursday, February 15, and willl close on Tuesday, February 20.
The IPO price band has been set in the range of ₹216 to ₹227 apiece. The IPO lot size consists of 600 shares. Investors can bid for a minimum of 600 shares and in multiples thereof. The issue price is 21.6 to 22.7 times the face value of ₹10.
Interiors and More IPO comprises a fresh issue of 1,850,400 equity shares aggregating to ₹42 crore. This is a completely a fresh issue, and there is no offer-for-sale component.
As part of the IPO, 35% of the shares are allocated for retail investors. Market maker reservation portion is 5% equity shares.
Manish Mohan Tibrewal , MD said, “We believe that listing will enhance our corporate image and brand name and create a public market for Equity Share of our Company in India and will further enable us to avail future growth opportunities.”
Replying to a query, Manish Mohan Tibrewal said, “We do not have any listed peer group operating in the same line of business.”
Incorporated in 2012, Interiors & More Limited was founded by Manish Tibrewal and Rahul Jhunjhunwala. The company has rich experience in the field of Artificial Flowers, Gift Items, Decoration for Home, Offices and other establishments like malls, banquets, halls etc.
In the span of last 12 years, the company has not only grown in terms of sales of artificial flowers, greens and other decorative items manufactured by them in domestic market but also have expanded its portfolio by inclusion of import of other home and wedding decor products from China, Vietnam, Thailand, Philippines and Indonesia. Over these years, the company has been able to create a strong clientele in the corporate, B2B & B2C segment.
The goods are made by the firm at its own production facility, at Umargaon, Valsad in Gujarat.
Manish Mohan Tibrewal, Rahul Jhunjhunwala, Ekta Tibrewal, Puja Jhunjhunwala, and Reena Jhunjhunwala are the company’s promoters.
The net proceeds from the fresh issue will be used by the company for working capital requirements, general corporate purposes, and the repayment or prepayment of certain debt facilities.
The financial performance of the company has exhibited remarkable progress demonstrating growth and stability. For FY 22-23 the company reported total income of ₹ 25.27 crore and Net Profit of ₹5.92 crore, while for FY 2021-22, the company posted total income of ₹9.98 crore and Net Profit of ₹1.04 crore. As on March 31 2023, Net worth of the company stands at ₹9.95 crore and Total Assets at ₹30.94 crore. For the period ended December 31, 2023, total income and net profit at ₹ 18.53 crore and ₹3.54 crore respectively.
Following the IPO, company’s shares will be listed on the on NSE Emerge, SME Platform of National Stock Exchange Limited.
The Interiors and More IPO’s book running lead manager is Gretex Corporate Services Limited, and the issue’s registrar is Bigshare Services Pvt Ltd. Gretex Share Broking is the market maker for the Interiors and More IPO.
