Interiors and More lists at 19% premium to IPO price on NSE SME

Interiors and More IPO: Ahead of the listing, the shares were commanding a 15 percent premium in the grey market

The stock of Interiors and More made a decent debut with 18.9 percent premium gains over the IPO price on February 23. The shares opened at Rs 270 each against the issue price of Rs 227 on the NSE SME platform.

Ahead of the listing, the shares were commanding a 15 percent premium in the grey market, which is an unofficial ecosystem where shares start trading before the allotment in the IPO and until the listing day. Most investors track the grey market premium (GMP) to get an idea of the listing price.

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The offer was subscribed 11 times with the retail portion getting booked seven times. The public offer opened for subscription on February 15 and closed on February 20. Through the IPO, the company raised Rs 42 crore. The offer was entirely a fresh issue of 18.5 lakh shares. The price band for the offer was fixed at Rs 216-227 per share.

The company's promoters are Manish Mohan Tibrewal, Rahul Jhunjhunwala, Ekta Tibrewal, Puja Jhunjhunwala and Reena Jhunjhunwala. Gretex Corporate Services was the book-running lead manager, while Bigshare Services was the registrar and Gretex Share Broking was the market-maker for the issue.

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The company plans to use the net fresh issue proceeds to repay or prepay certain debt facilities, working capital requirements and general corporate purposes.

Interiors & More trades, imports, and sells artificial flowers. The company manufactures and trades artificial flowers, plants, and décor items for homes and offices.