Shares of Essen Specialty Films (Essen Specialty Films) today got listed on the NSE SME Exchange at a premium of 31 per cent. This issue was covered 71 times on the last day. The issue price in this IPO was Rs 107, against which these shares were listed at Rs 140 on the NSE SME platform.
The IPO was opened for subscription from June 23 to June 27 and the shares were issued in the price band of Rs 101 to Rs 107. The issue was oversubscribed 71 times on the last day in which bids were received for 61.99 lakh shares against the offer of 29.28 lakh shares. Fresh bidding for 46.99 lakh shares took place in this IPO and 15 lakh shares were sold. Each lot was to be bid for 1200 shares.
The company’s revenue for the financial year ending March 2023 was Rs 118 crore while the net profit was Rs 13.37 crore. The company primarily deals in home furnishing and home improvement segment. Its major customers include IKEA, Walmart, Kmart, Kohl’s, Kroger. Essen Specialty Films exports its products to more than 24 countries including China, UK, Saudi Arabia, USA, Qatar, Germany, Belgium, Italy, Mexico, Canada, Spain, Austria.
The capital raised by the company through this issue will be used to meet working capital requirements and for general corporate purposes. In addition, the capital will also be used for repayment and prepayment of some outstanding borrowings. The company has reserved 50 per cent of the net offer for qualified institutional buyers while 15 per cent for non-institutional buyers. The remaining 35 per cent is reserved for the category of retail investors.
The promoters of the company include Pallav Doshi, Khushboo Doshi and Karishma Doshi. The promoters had 100 per cent stake in this company.
The IPO of another company GreenChef Appliances SME has also been listed today, in which investors have gained 20 percent on the listing. The issue price of shares of GreenChef Appliances is Rs. 87 against which the shares were listed on the stock market at a price of Rs 104 per share.