Bizotic Commercial Ltd shares listed on the BSE SME exchange at a premium on Friday. However, the stock failed to sustain the gains and fell over 2%.
The stock was listed at ₹180 per share, nearly 3 percent higher than the issue price of ₹175 on the BSE SME exchange. The stock hit intraday high of ₹181.95 per share, and a intraday low of ₹180, on the BSE SME, at 10:03 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.
The issue was subscribed to 1.87 times on Day 4 where in the retail portion was subscribed 1.74 times, and others subscribed 2 times to the issue. On Day 3, the issue was subscribed 1.29 times. On Day 2, the issue was subscribed 1.11 times, and Day 1 saw 37% subscription.
Bizotic Commercial IPO sees strong NII demand; issue subscribed 1.29 times on Day 3
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.
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
