Aspire & Innovative Limited, a small- and medium-sized enterprise (SME), is gearing up for its initial public offering (IPO), with subscription opening on March 26, 2024. The company has announced the price band for its IPO today.
Aspire & Innovative is engaged in the sales and doorstep delivery of consumer durables to unbanked and underbanked customers. It has partnerships with non-banking financial companies (NBFCs) and microfinance institutions (MFIs) for its operations.
Details of Aspire & Innovative IPO:
The IPO will offer shares in the price range of ₹51 to ₹54 per share. The total IPO size is ₹21.97 crore, comprising entirely of fresh issue of 40.68 lakh shares.
Subscription for the IPO will begin on March 26, 2024, and conclude on March 28, 2024. The IPO allocation is divided into 50% for qualified institutional buyers (QIBs), 35% for retail investors, and 15% for non-institutional investors (NIIs).
Retail investors are required to apply for a minimum of ₹1.08 lakh, considering the minimum lot size of 2000 shares. High net worth individuals (HNIs) need to bid for at least two lots, totaling ₹2.16 lakh at the upper price band.
The shares will be listed on the NSE Emerge, with an expected listing date of April 3, 2024. Hem Securities Limited is the book running lead manager, and Bigshare Services Pvt Ltd is the registrar for the issue. The proceeds from the IPO will be used for establishing new warehouses, working capital requirements, and general corporate purposes.
About Aspire & Innovative:
Aspire & Innovative Advertising Limited witnessed a revenue growth of 35.46% and a profit after tax (PAT) increase of 21.38% between the financial years ending on March 31, 2023, and March 31, 2022.
The company offers over 50 products, including mobile phones, cookware, electronics, and appliances. It follows an asset-light model and has commercial agreements with over 15 intermediaries, operating warehouses in 16 states across India.
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