Public issues continue to keep the small and medium enterprise segment on the boil with three more in queue for launch tomorrow to raise Rs 134 crore in total. All three IPOs will close on July 27.
Specialised plastic products exporter Essen Speciality Films will be the biggest IPO in terms of fund-raising as it plans to mop up Rs 66.33 crore from 61.99 lakh equity shares.
The offer comprises a fresh issuance of shares worth 46.99 lakh and an offer-for-sale of 15 lakh shares by promoters.It is a book built issue and the price band for the offer has been set at Rs 101-107 per share.
The lot size is of 1,200 equity shares. The minimum and maximum investment by retail investors would be Rs 1,28,400 in the issue as they are allowed to make investments up to Rs 2 lakh, while high networth individuals can make a minimum investment of Rs 2,56,800, which is above Rs 2 lakh.
Essen, which caters to the home improvement and home furnishing industry, is going to utilise net proceeds from the fresh issue for repaying debts, and working capital requirements, besides general corporate purposes.
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The company supplies specialised plastic products to multinational modern trade retailers, such as IKEA, Walmart, Kmart, Bed Bath & Beyond, Rusta, Runsven, Kohl’s, Kroger etc.
Essen is part of the Rajoo Group. The group company Rajoo Engineers already listed on the BSE.
The second IPO would be that of Greenchef Appliances, the kitchen appliances manufacturer, which aims to raise Rs 53.62 crore from 61.63 lakh shares.
This is a completely fresh issue, so the entire amount (excluding issue expenses) will be received by the company. The funds will be used for capital expenditure towards the installation of additional plant and machinery, and construction of the factory building, and working capital requirements, besides general corporate purposes. The price band for the offer has been fixed at Rs 82-87 per share.
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The bids can be made for a minimum of 1,600 equity shares and in multiples of 1,600 shares thereafter. Retail investors can invest only for one lot given the limit of up to Rs 2 lakh and their minimum & maximum investment would be Rs 1,39,200, while the minimum investment by high networth individuals would be Rs 2,78,400.
The company manufactures and sells a wide range of kitchen appliances under the brand name of Greenchef.
Frozen foods supplier Magson Retail and Distribution would be the third IPO aiming to raise Rs 13,74 crore from the subscription of shares at a price of Rs 65 each. It is a fixed-price issue and the offer comprises only a fresh issue of 21.14 lakh shares.
The company will use the the issue proceeds on setting up organisations and stores under a franchise model and tie up with major suppliers, and meet its working capital requirements.
The lot size is of 2,000 equity shares, so the investment by retail investors in the IPO would be Rs 1.3 lakh, while the minimum investment by HNIs would be Rs 2.6 lakh.
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Magson is engaged in the retail and distribution business of gourmet, frozen food and speciality foods. It operates 26 retail outlets across Western India, of which 16 are run by the company and seven by franchise owners and three under two joint ventures, which all are under the brand name MagSon.
All the three companies - Magson Retail and Distribution, Greenchef Appliances, and Essen Speciality Films - will debut on the NSE Emerge on July 6.
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