Italian Edibles IPO Sets Price Band at ₹68 Apiece; Subscription to Open on February 2

Italian Edibles Limited has announced that the price band for its initial public offering (IPO) is set at ₹68 per share. The IPO subscription will commence on Friday, February 2, and conclude on Wednesday, February 7. The lot size for the Italian Edibles IPO consists of 2,000 shares, and investors can bid for a minimum of 2,000 shares, with multiples thereof. The issue price is 6.8 times the face value of ₹10.

With a track record of 14 years, Italian Edibles has been specializing in the production of delectable candy products, marketed under the brand name “Ofcourse.” The company offers a diverse range of confectionery items, including candy, jelly candies, multi-grain puff rolls, lollipops, milk paste, chocolate paste, and Rabdi (Meethai Sweet). The company operates two production units in Gramme Palda and Prabhu Toll Kanta, both located in Madhya Pradesh.

The Italian Edibles IPO comprises a fresh issue of 39,20,000 equity shares, amounting to ₹26.66 crore. This is an entirely fresh issue, with no offer-for-sale component.

The funds raised from the IPO will be utilized for setting up a planned manufacturing unit, repaying certain loans, addressing increased working capital needs, and covering general corporate expenses.

In its draft red herring prospectus (DRHP), the company stated, “We believe that listing will enhance our corporate image and visibility of the brand name of our Company. We also believe that our company will receive the benefits from listing of equity shares on the Emerge Platform of NSE. It will also provide liquidity to the existing shareholders and will also create a public trading market for the equity shares of our company.”

The promoters of Italian Edibles are Ajay Makhija and Akshay Makhija. First Overseas Capital Ltd is the sole book running lead manager (BRLM), and Bigshare Services Pvt Ltd is the registrar to the issue.

Investors interested in the confectionery sector can participate in the Italian Edibles IPO starting February 2, 2024.

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