Esprit Stones IPO: The initial public offering (IPO) of Esprit Stones Limited, which was opened for public subscription on July 26, is today witnessing the second day of bidding. Till 5:00 pm on the second day of bidding on Monday, the 50.42-crore SME IPO received 17.30 times subscription, garnering bids for 6,73,23,200 shares as against 38,91,200 shares on offer.
According to the latest data, the retail quota received a 27.06 times subscription, while the non-institutional investors category got a 15.58 times subscription. The qualified institutional buyers (QIB) category received a 3.50 times subscription.
Esprit Stones Ltd manufactures engineered quartz and marble surfaces.
The Esprit Stones will be closed on July 30. The IPO had received a 2.07 subscription on the first day of bidding (July 26).
The share allotment will likely be finalised on July 31, while its listing will take place on the NSE SME on August 2.
The price band of the IPO has been fixed at Rs 82-Rs 87 apiece.
Esprit Stones IPO GMP Today
According to market observers, unlisted shares of Esprit Stones Ltd are trading Rs 51 higher in the grey market as compared with its issue price. The Rs 51 grey market premium or GMP means the grey market is expecting a 58.62 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Esprit Stones IPO: More Details
The Esprit Stones IPO is entirely a fresh issue of 57.95 lakh shares.
Investors need to apply for a minimum of 1,600 equity shares and in multiples thereof. Hence, the minimum investment by retail investors would be Rs 1,39,200 [1,600 (lot size) x Rs 87 (upper price band)].
The IPO proceeds will be utilised towards: 1) funding Working Capital requirement of the company; 2) investment in the subsidiary, Haique Stones Private Limited (HSPL), for repayment and / or prepayment in part or full of its outstanding borrowings; 3) investment in the subsidiary, Haique Stones Private Limited (HSPL) for funding its working capital requirement; 4) general corporate purpose.
Esprit Stones Ltd’s revenue rose 56.07 per cent and its profit after tax (PAT) jumped 190.04 per cent during the financial year 2023-24.
Esprit Stones India, which was founded in 2016, manufactures engineered quartz and marble surfaces. The company manufactures unsaturated polyester resin, at the manufacturing facility three. As of May 31, 2024, the company had 295 employees in various departments.
As of March 2024, the Manufacturing Facility I is equipped with three (3) pressing lines and two (2) polishing lines, with a production capacity of around 72 lakhs sq.ft. per annum. Additionally, we commissioned our Manufacturing Facility II to manufacture quartz grit and quartz powder, which is the primary raw material for the manufacture of engineered quartz.
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