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At what price is Lovable likely to debut on bourses?
Lovable Lingerie, one of India’s leading women’s innerwear manufacturers, will be listing its equity shares on the exchanges on March 24. The issue price has fixed at higher end of price band of Rs 195-205 a share.
Lovable Lingerie , one of India's leading women's innerwear manufacturers, will be debuting on the exchanges tomorrow. The issue has been fixed at higher end of price band of Rs 195-205 a share.
There were reports that the grey market premium is currently more than Rs 50 a share. However, experts have a mixed opinion.
Manish Bhatt of Prabhudas Lilladher expects the listing to be with premium of Rs 55-60 above the issue price. He feels that the stock may go above Rs 300 if the market remains buoyant.
However, investment advisor, SP Tulsian does not look optimistic as he sees the listing price around Rs 215-200 a share, which is just a minor premium. Tulsian is not even expecting any major upmove in near term.
Closed on March 11, the issue was subscribed around 35 times and raised around Rs 93 crore. The company plans to set up a manufacturing facility to create additional capacity at Bangalore.
Lovable Lingerie will use the issue proceeds for brand building of their 'college style' label and investment in joint ventures, setting up exclusive brand outlets, along with retail store modules for shop-in-shop and upgradation of design studios, other than general corporate purposes.
The issue has been graded by Credit Analysis and Research Limited (CARE), and has been assigned CARE IPO Grade-3, indicating average fundamentals.
