Eleganz Interiors IPO: Subscribed 30x Times, GMP Tanks On Final Day

The initial public offering of Eleganz Interiors Ltd. was subscribed more than 30 times on the last and final day of bidding on Tuesday. The SME IPO opened for bidding on Feb. 7 and was fully subscribed on the opening day.

Eleganz Interiors is an interior design and fit-out company offering design-and-build services and general contracting. Investors interested in the Eleganz Interiors IPO can check these details before subscribing to the issue.

• Bidding dates: Feb. 7 to Feb. 11

• Price range: Rs 123 to Rs 130

• Minimum investment: Rs 1,23,000

• IPO size: Rs 78.07 crore

• Allotment date: Feb. 12

• Listing date: Feb. 14

• Registrar: Bigshare Services Pvt. Ltd.

The Eleganz Interiors IPO was subscribed 30.65 times on Tuesday, as per market tracking site Chittorgarh.

• Qualified Institutional Buyers: 24.45 times

• Non-Institutional Investors: 60.42 times

• Retail Investors: 21.44 times

Eleganz Interiors IPO GMP was Rs 10 as of 7:50 p.m. on Feb. 11, hinting at a possible listing gain of 7.69% over the issue price, according to InvestorGain. If the current trends are sustained, shares of the company are likely to list at Rs 140 apiece. 

Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.

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.

The company 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.

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.