Rexpro Enterprises Ltd. launched its initial public offering (IPO) on Wednesday to raise Rs 53.65 crore from the primary markets. The IPO was booked 2.85 times on its opening day.
The SME IPO will be open for subscription till Jan. 24. Those looking to invest in the Rexpro Enterprises IPO must check out these key details about the offer, price band, GMP and more.
Rexpro Enterprises IPO: Price Band, Listing Date And More
Rexpro Enterprises IPO is a mix of a fresh issue of 32.50 lakh shares amounting to Rs 47.13 crore and an offer for sale of 4.50 lakh shares worth Rs 6.53 crore. The issue's price band has been set at Rs 145 per share, wherein retail investors must bid for at least 1,000 shares in a single lot. This takes the minimum investment to Rs 1,45,000.
Share allotment for the Rs 53.65-crore IPO is likely to be done on Monday, Jan. 27, with successful bidders getting their credit of shares to Demat accounts on Jan. 28. Refunds for non-allottees will also be initiated on the same day.
Rexpro Enterprises' shares will likely be listed on the NSE SME platform Emerge on Wednesday, Jan. 29.
Cameo Corporate Services Ltd. is the registrar for the Rexpro Enterprises IPO, while Horizon Management Pvt. will act as its book-running lead manager. Giriraj Stock Broking Pvt. is the market maker for this NSE SME issue.
Rexpro Enterprises IPO Subscription Status: Day 2
The IPO has been subscribed 5.95 times as of 4:16 p.m. on Thursday:
NII category: 1.59 times
Retail investors: 10.32 times
*The subscription status will be updated at regular intervals.
Rexpro Enterprises IPO GMP Today
Rexpro Enterprises IPO GMP (grey market premium) was Rs 20 apiece as of 2:27 p.m. on Jan. 23, according to InvestorGain. This implies a listing gain of 13.79% over the upper end of the price band. As per the latest GMP, the projected listing price of the shares is expected to be Rs 165 apiece.
Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.
Rexpro Enterprises: Business And Financials
Furniture manufacturing company Rexpro Enterprises Ltd. makes furniture for offices, hospitals, government offices, and the growing home segment. Based in Vashi, Maharashtra, the company has clients across industries including fashion, lifestyle, electronics, grocery, beauty, telecom and more. Some of its prominent clients are One RX India (Samsung), Shoppers Stop, Hindustan Unilever, Lenskart, Marks & Spencer Reliance India Pvt.
Use Of Proceeds
The company will use a part of the fresh proceeds from the IPO to purchase equipment, support renovation and pursue inorganic growth. A portion of the IPO funds will also be used for working capital needs and general corporate purposes.
Financials
Rexpro Enterprises Ltd. reported a revenue of Rs 49.56 crore and a net profit of Rs 4.08 crore for the period up to Sept. 30, 2024. In FY24, the company's top line rose 32% year-on-year to Rs 83.01 crore from Rs 62.89 crore in FY23. Profit during this period rose multiplefold to Rs 5.18 crore from Rs 63 lakh.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.
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