IPO watch: E-Factor Experiences lists at 53.33% premium on NSE SME

Through the IPO, E-Factor Experiences raised Rs 25.92 crore

E-Factor Experiences shares made a strong debut, listing at a 53.33% premium over the IPO prices on October 9. The stock opened at Rs 75 against the issue price of Rs 115 on the NSE SME platform. Ahead of the listing, the grey market premium (GMP) was at Rs 32, implying a listing price of Rs 107.

The public issue was subscribed 73.14 times. High-net-worth individuals (HNI) remained at the forefront, buying 168.26 times, retail investors subscribed 47.78 times, and qualified institutional buyers (QIB) bought 46.09 times. Through the IPO, the company raised Rs 25.92 crore. The offer was an entirely fresh issue of 34.56 lakh shares and there was no offer-for-sale component.

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Ahead of the IPO, the company raised Rs 7.38 crore from anchor investors. Rajasthan Global Securities Private Limited, India-Ahead Venture Fund, Meru Investment Fund PCC-Cell I, and Zinnia Global Fund PCC Cell - Dewcap Fund took part in the anchor book.

The price band of the small and medium-sized enterprises (SME) IPO, which opened for subscription on September 25 and closed on October 3, was fixed at Rs 71-75 per share.

The issue's book-running lead manager was Hem Securities, Maashitla Securities was the registrar, while Hem Finlease was the market maker. The promoters of the company are Jai Thakore, Samit Garg, Aruna Garg, and Manika Garg. Pre-issue, promoters and the promoter group held 99.99% and post-issue their stake reduced to 73.59%.

The company will use the proceeds from the IPO to invest in its subsidiary, fund working capital requirements, repay certain borrowings availed by the company, and use the remaining amount for general corporate purposes.

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E-Factor Experiences is engaged in providing consumers and community with event experiences, event services, technology-based permanent and semi-permanent multimedia light & sound installations, and specialised turnkey event assignments, wedding management, and private & social event solutions.