Shares of Grill Splendour Services were off to a slow start on its debut on April 23 after it listed at Rs 121.3, a premium of 1.08 percent over the issue price of Rs 120 on the NSE SME platform.
The listing missed grey market estimates, where shares were trading at Rs 128. 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 16.47-crore public offer is a purely a fresh issue 13.73 lakh shares. The company, operating under the brand name Birdy's, is a chain of gourmet bakeries and patisseries in Mumbai. With 17 retail outlets, a central manufacturing facility, and corporate clients, Birdy's offers a wide range of baked goods and pastries.
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The company plans to use the fresh proceeds from the issue for funding additional working capital requirements, partial or full repayment of outstanding borrowings and the rest for general corporate purposes.
The Grill Splendour IPO was subscribed 8.68 times over the course of three days from April 15 to April 18. The retail portion was subscribed nearly 13 times, while NII portion was booked over 4 times. The price band of the issue was fixed at Rs 120.
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