Opal Luxury Time Products IPO fully subscribed
The SME IPO from Opal Luxury Time Products, a Pune-based premium home products manufacturing and marketing company, has received good response from investors in this volatile market conditions and has been fully subscribed, according to NSE site at 5 pm on the last day of the issue today.
March 28, 2013 / 19:51 IST
The SME IPO from Opal Luxury Time Products, a Pune-based premium home products manufacturing and marketing company, has received good response from investors in this volatile market conditions and has been fully subscribed, according to NSE site at 5 pm on the last day of the issue today.
QIB segment of the issue has been subscribed 1.17 times, HNI segment has received bids for 1.58 times and retail sector has received bids for 42 percent. The issue proposed to be listed on 'EMERGE', the SME platform of NSE had opened on March 25, 2013 in the price band of Rs 130 to Rs 135 per equity share of Rs 10 each. IDBI Capital Market Services Limited is the sole book running lead manager for the issue and Karvy Computershare Pvt Ltd is the registrar to the issue.The net proceeds of the issue are proposed to be utilized by the company for investments in moulds, tools and equipment, and indigenization of the designs for expansion of the existing manufacturing facility at Roorkee (Uttarakhand). Further, a part of the net proceeds is also proposed to be used for enhancement of the company's brand through advertising and other brand building activities. Company intends to deploy Rs 1,029.95 lakh for indigenization of the designs and overall expansion of the existing facility over FY 2014 and FY 2015. Currently, the company manufactures as well as outsources its clock components, while the final assembly is completed at the manufacturing facility at Roorkee.In order to strengthen its brand, the company intends to enhance awareness of its brand through advertising and various other promotional activities, organizing contests for its users/dealers and event sponsorships. The company proposes to utilize Rs 390.50 lakh from the Net Proceeds towards enhancement of Company's brand through advertising and other brand-building activities.Currently, the company's brand 'Opal' has a wide presence with the products marketed by a network of 9 distributors, 242 dealers and 91 organized retailers which includes popular brands such as Shoppers Stop, Home Town, etc. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
