On Door Concepts makes tepid debut, listing at 2.8% premium on NSE SME

The Rs 31.18 crore IPO opened for subscription on October 23 and closed on October 27

The On Door Concepts stock made a tepid debut, listing at a 2.88 percent premium over the issue price, on November 1. The stock opened at Rs 214 against the IPO price of Rs 208 on the NSE SME platform. Soon after listing, the stock slipped below the issue price to Rs 203.30.

The Rs 31.18-crore IPO opened for subscription on October 23 and closed on October 27 with 5.25 times subscription. Investors bought 78.71 lakh equity shares against an offer size of 14.98 lakh.

Retail investors remained at the forefront, buying 7.86 times the portion set aside for them, while the portion reserved for high net-worth individuals was booked 3.3 times.

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The Madhya Pradesh-based grocery and home essentials company’s public offer comprised only a fresh issue of 14.98 lakh equity shares and there was no offer-for-sale component.

The company will use the IPO proceeds to fund additional working capital requirements and the remaining amount will be used for general corporate purposes.

NSB BPO Solutions Private Limited, Narendra Singh Bapna, Pramod Ramdas Ingle, Swati Bapna and Vaishali Ingle are the promoters of the company. Pre-issue, the promoters and promoter group held 51.92 percent and post-issue their stake came down to 38.14 percent.

The book-running lead manager for the issue was First Overseas Capital while the registrar was Bigshare Services.

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On Door is a retailer of groceries and household products. It opened its first store in Bhopal, Madhya Pradesh, in January 2015. As of March 31, 2023, the company operates 55 stores in various cities of Madhya Pradesh. Out of 55 stores, the company-owned and company-operated (COCO) stores are 17 and the rest are operated through the franchisee model.