Bizotic Commercial IPO: Issue subscribed 37% on Day 1; check details
Bizotic Commercial IPO Subscription Status: The SME initial public offering (IPO) of Bizotic Commercial Ltd was subscribed 37% on Day 1. The public issue that opened for subscription on Monday, June 12, will close on Thursday, 15 June.
On Day 1 of the subscription, the issue again received positive response from non-institutional bidders (NII) who’s set portion was subscribed 55%. While the portion was subscribed 18% of the portion set aside, according to data on chittorgarh.com.
The company has received bids for 8,39,200 shares against 2,412,000 shares on offer, according to data on chittorgarh.com at 17:39 IST.
Bizotic Commercial’s initial public offering (IPO) has a total issue size of ₹42.21 crore and is made up of a fresh issue of 24.12 lakh shares with a face value of ₹10 each and a fixed price of ₹175 per share.
For the public offering, there will be 800 shares per lot. Retail investors are required to invest a minimum of ₹140,000.
On June 20, the company will set the basis for allocating shares, and on June 21, the refund process will begin. On June 22, shares will be credited to the allottees’ demat accounts.
On June 23, Bizotic Commercial shares are most likely to be listed on the BSE SME market.
The company plans to use the net issue proceeds to finance the opening of a retail location, loan repayment, working capital needs, general corporate objectives, and public offering costs.
The Bizotic Commercial IPO’s lead manager is Interactive Financial Services Ltd, while Bigshare Services Pvt Ltd is the issue’s registrar.
During the quarter ended March 2022, Bizotic Commercial reported a net profit of ₹59.57 lakh on total revenue of ₹53.42 crore.
The company designs, manufactures and markets readymade garments under the brand name Urban United. The company’s products include men’s Casual Wear, Formal Wear, Party Wear, Ethnic Wear, Fit Wear, Sports Wear, Comfort Wear, and Winter Wear. It offers its products through retail stores and e-commerce channels.
As of March 2023, Bizotic Commercial operated 20 locations in various cities in Rajasthan and one in Bihar, of which 4 were company-owned and the other 17 were franchised. It had four stores in Rajasthan, one each in Jaipur, Jodhpur, Bhilwara, and Chittorgarh.
Bizotic Commercial IPO: Issue to open on June 12; Check price band, GMP other details here
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Updated: 12 Jun 2023, 05:48 PM IST