The Esprit Stones IPO opened for subscription on Friday, July 26, and will close on Tuesday, July 30. The price range for the IPO is set at ₹82–87 per share, with a face value of ₹10. Investors can bid in multiples of 1600 shares.
Here’s how the shares are allocated:
- Qualified Institutional Buyers (QIBs): 10,75,200 shares
- Non-Institutional Investors (NIIs): 8,06,400 shares
- Retail Investors: 18,81,600 shares
- Employees: 1,28,000 shares
- Market Makers: 2,91,200 shares
Esprit Stones Limited, founded in 2016, manufactures engineered marble and quartz surfaces. By March 2024, their first manufacturing facility had three pressing lines and two polishing lines, producing about 72 lakh square feet annually. Their second facility produces quartz grit and powder, and the third makes unsaturated polyester resin.
Comparable companies include Pokarna Ltd, Pacific Industries Ltd, Global Surfaces Ltd, and Elegant Marbles & Grani Industries Ltd, with various price-to-earnings (P/E) ratios.
Between March 31, 2023, and March 31, 2024, Esprit Stones’ profit after tax (PAT) increased by 190.04%, and sales grew by 56.07%.
Esprit Stones IPO Subscription Status
On the first day, the IPO was 70% subscribed. The retail portion was subscribed 1.25 times, and the NII portion was booked 48%. By 1:01 PM, the company had received bids for 27,40,800 shares out of the 38,91,200 shares offered.
Esprit Stones IPO Details
The IPO aims to raise ₹50.42 crore by issuing 5,795,200 new equity shares with no “offer for sale” component. The funds will be used for working capital, investing in their subsidiary Haique Stones Private Limited (HSPL), and repaying or prepaying borrowings.
The issue’s registrar is Link Intime India Private Ltd, and the lead managers are Choice Capital Advisors Private Ltd and Srujan Alpha Capital Advisors LLP.
Esprit Stones IPO GMP Today
The grey market premium (GMP) for Esprit Stones is +38, suggesting that shares are trading at a ₹38 premium in the grey market. Based on the upper IPO price band and the current GMP, the estimated listing price is ₹125 per share, which is 43.68% higher than the IPO price of ₹85.
‘Grey market premium’ indicates the extra amount investors are willing to pay over the issue price.
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