The Esprit Stones IPO will open for subscription on Friday, July 26, and close on Tuesday, July 30. The price range for the IPO is set at ₹82–87 per share, with a minimum bid of 1600 shares.
The allocation of shares is as follows:
- 10,75,200 shares for qualified institutional buyers (QIBs)
- 8,06,400 shares for non-institutional investors
- 18,81,600 shares for retail investors
- 1,28,000 shares for employees
- 2,91,200 shares for market makers
Esprit Stones Limited, founded in 2016, manufactures engineered quartz and marble surfaces. As of March 2024, their first manufacturing facility has two polishing lines and three pressing lines, with an annual production capacity of 72 lakh square feet. Their second facility produces quartz grit and powder for making engineered quartz, and the third site produces unsaturated polyester resin.
The company’s red herring prospectus (RHP) lists its peers as:
- Pokarna Ltd (P/E of 25.33)
- Pacific Industries Ltd (P/E of 16.43)
- Global Surfaces Ltd (P/E of 51.34)
- Elegant Marbles & Grani Industries Ltd (P/E of 23.69)
Esprit Stones Limited saw a 190.04% increase in profit after tax (PAT) and a 56.07% increase in sales between March 31, 2023, and March 31, 2024.
The IPO aims to raise ₹50.42 crore through the fresh issuance of 5,795,200 equity shares. There is no offer for sale component. The funds will be used for working capital needs, investments in their subsidiary Haique Stones Private Limited (HSPL), and repayment of borrowings.
Choice Capital Advisors Private Ltd and Srujan Alpha Capital Advisors LLP are the lead managers for the issue, and Link Intime India Private Ltd is the registrar.
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