SME IPO: Naman In-Store lists at 40% premium, delivers Rs 57,600 profit on each lot

Shares of Naman In-Store (India) Ltd made a strong Dalal Street debut on Tuesday as the retail solutions provider was listed at Rs 125 apiece, a premium of 40.45 per cent over the issue price of Rs 89 on the SME platform of the National Stock Exchange (NSE).

However, the listing of Naman In-Store (India) can be considered slightly below the expectations as the company was commanding a premium of Rs 50 apiece in the grey market over the given issue price. The indicative premium in the unofficial market suggested a listing pop of around 56 per cent, around Rs 139-140 apiece.

Retail investors, who could apply for a single lot only, consisting of 1,600 equity shares, made a profit of Rs 57,600. Non-retail bidders, who could apply for a minimum of two-lots or at least 3,200 equity shares made a profit of a minimum Rs 1,15,200 on the listing.

The initial public offering (IPO) of Naman In-Store (India) was open for bidding between March 22 and March 27 as the company raised a total of Rs 25.35 crore via primary route. The issue included a fresh share sale of 28.48 lakh equity shares, of which 1,42,400 equity shares were reserved as market maker portion for Giriraj Stock Broking.

The issue was overall subscribed a whopping 309.03 times, with the portion on non-institutional investors being subscribed 528.12 times, while the allocation for retail investors was booked 328.80 times. The quota for qualified institutional bidders (QIBs) was booked 109.75 times. GYR Capital Advisors was the sole manager of the Naman In-Store IPO, while Bigshare Services was the registrar.

Naman In-Store (India), established in 2010, is a retail furniture and fittings company providing retail solutions to various industries and retail outlets. The company manufactures modular furniture for offices, beauty salons, kitchens with limited space, educational institutions, and shelving solutions for supermarkets.
 

The company also manufactures customized furniture and fixtures in wood, metal, and plastic for kiosks, complete stores, countertop units (CTU), countertop display units (CDU), point of sale merchandising (POSM) and more. The company operates according to a B2B (business-to-business) model.