Eleganz Interior IPO GMP Slides As Issue Booked Over 5 Times On Day 2; Check Price Band, Lot Size
The latest grey market premium (GMP) of Eleganz Interiors IPO was Rs 20 as of 3:00 p.m. on Feb. 10
The initial public offering of Eleganz Interiors Ltd. which opened on Feb. 7 was fully subscribed on Day 1. The demand for the SME IPO was led by retail investors who bid for 40,85,000 shares against the 19,97,000 shares offered on Friday.
Eleganz Interiors is an interior design and fit-out company offering design-and-build services and general contracting. The company aims to raise Rs 78.07 crore.
Here's everything you need to know about Eleganz Interiors IPO as bidding on Day 2 draws to a close.
Eleganz Interiors IPO GMP Today
The latest grey market premium (GMP) of Eleganz Interiors IPO was Rs 20 as of 3:00 p.m. on Feb. 10, hinting at a possible listing gain of 15.38% over the issue price, according to InvestorGain. If the current trends are sustained, shares of the company are likely to list at Rs 150 apiece.
The unlisted shares of Eleganz Interiors were trading at Rs 165 apiece when the IPO concluded its Day 2 subscription on Friday. But as per the latest numbers, the GMP on unlisted shares declined by Rs 15 to Rs 150 as Day 2 draws to a close.
Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.
Eleganz Interiors IPO: Key Details
The Eleganz Interiors IPO price band has been fixed at Rs 123 to Rs 130 per share. Retail investors have to buy at least 1,000 shares in one lot, taking the minimum investment to Rs 1.3 lakh.
As per the company's RHP document, out of the 60,05,000 shares offered:
11,41,000 (19%) is reserved for qualified institutional investors
8,56,000 (14.25%) is reserved for non-institutional investors
19,97,000 (33.26%) is reserved for retail investors
17,10,000 (28.48%) is reserved for anchor investors.
Bigshare Services Pvt. is the registrar for the Eleganz Interiors IPO, while Vivro Financial Services Pvt. is the sole book-running lead manager of the issue. Rikhav Securities Ltd. is its market maker for Eleganz Interiors IPO.
Eleganz Interiors IPO Subscription Status: Day 2
The Eleganz Interiors IPO has been subscribed 5.14 times as of 4:14 p.m. on Monday.
Qualified Institutions: 2.46 times
Non-Institutional Investors: 3.25 times
Retail Investors: 7.48 times
*The subscription status will be updated at regular intervals
Use Of Proceeds
Eleganz Interiors Ltd. has proposed to use the proceeds from the IPO to part-repay or prepay its debts and meet working capital needs. A portion of the proceeds will also be used for general corporate purposes.
About Eleganz Interiors
Eleganz Interiors Ltd. offers fit-out solutions for corporate and commercial spaces such as corporate offices, research and development facilities, laboratories, airport lounges, flexible workspaces, and commercial retail spaces.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
