Esprit Stones shares started trading at a 7% premium over their issue price. Before the listing, the shares had a grey market premium (GMP) of Rs 30 in the unlisted market.
The company’s IPO, which involved selling 57.95 lakh new shares, was very popular with investors, being oversubscribed by more than 150 times.
The money raised from the IPO will be used for working capital, investing in a subsidiary to repay debt, and general corporate purposes.
Esprit Stones makes engineered stones like quartz and marble surfaces. These materials are made from crushed stone held together by an adhesive, making them durable and resistant to scratches, stains, and heat. They are used for kitchen countertops, bathroom surfaces, floors, wall cladding, and furniture.
The Indian market for engineered stones was valued at $3,643 million in 2022 and is expected to grow at a rate of 7-8% per year, reaching $7,355 million by 2032.
For the year ending in March 2024, Esprit Stones reported total revenues of Rs 272.89 crore and a net profit of Rs 10.31 crore.
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