Shares of Kizi Apparels made a decent stock market debut on August 6 after listing at Rs 23 apiece, a premium of 10.2 percent over the IPO price of Rs 21 per share on the BSE SME platform.
The listing gains, however, miss grey market estimates where shares were trading at a premium of about 23 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day.
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The Rs 5.58-crore public offer, which is entirely a fresh issue of 26.58 lakh shares, received robust investor interest after the issue was subscribed 115 times. Retail investors were at the forefront, picking 140 times their allotted quota. Non-institutional investors bought 89.58 times the portion reserved for them. QIBs didn't subscribe to the offer.
Kizi specialises in the production and trading of ready-to-wear clothing. The company distributes its products through its showrooms, distributors, malls, and an online platform. Kizi Apparels has also launched an e-commerce platform, offering premium ethnic and Western women's apparel under the brand names ANUTARRA and KIZI, respectively.
The company plans to use the net proceeds from the issue for several purposes, including the repayment of unsecured loans, meeting long-term working capital requirements, general corporate purposes, and covering public issue expenses.
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