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PNN
Mumbai (Maharashtra) [India], July 24: Esprit Stones Limited, a key player in India's engineered stones sector, specializes in durable engineered quartz and marble surfaces, has announced its plan to go public with an Initial Public Offering (IPO) on July 26, 2024. The company is aiming to raise Rs 50.42 Crores at the upper band through this IPO, with shares set to be listed on the NSE Emerge platform. * Total Issue Size - Up To 57,95,200 Equity Shares of Rs 10 each * Issue Size - Rs 50.42 Crores (At Upper Band) * Price Band - Rs 82 to Rs 87 Per Share * Discount - A Discount of Rs 5 Per Equity Share Is Being Offered To Eligible Employees Bidding In The Employee Reservation Portion * Lot Size - 1,600 Equity Shares The issue size is Up To 57,95,200 equity shares at a face value of Rs 10 each. Equity Share Allocation * QIB Anchor Portion - Not more than 16,12,800 Equity Shares * Qualified Institutional Buyers (QIB) - Not more than 10,75,200 Equity Shares * Non-Institutional Investors (NII) - Not less than 8,06,400Equity Shares * Retail Individual Investors (RII) - Not less than 18,81,600 Equity Shares * Employee Reservation Portion - Not more than 1,28,000 Equity Shares * Market Maker - 2,91,200 Equity Shares The net proceeds from the Issue are set to be utilized primarily to Funding of Working Capital Requirement of the company, Investment in Subsidiary Haique Stones Private Limited (HSPL), for Repayment and/ or Prepayment of Borrowings, and funding its Working Capital Requirement. The bidding for the Anchor portion will open on July 25, 2024, the issue will open for subscription on July 26, 2024 and closes on July 30, 2024. The Lead Manager to the Issue is Choice Capital Advisors Private Limited and Srujan Alpha Capital Advisors LLP, The Registrar to the Issue is Link Intime India Private Limited. Sunil Kumar Lunawath, Managing Director and Promoter of Esprit Stones Limited Expressed, "Esprit Stones Limited is pleased to announce that the proceeds from the Issue will be strategically utilized to fund our working capital needs and invest in our subsidiary, HSPL. We are one of the key Engineered Stones players in India, offering high-quality quartz and marble surfaces renowned for their durability and aesthetic appeal. Our ongoing commitment to innovation and excellence supports our growth and expansion efforts, ensuring continued success in both domestic and international markets. This milestone marks an exciting new chapter for Esprit Stones Limited, and we are confident that it will drive further value and will enhance our corporate image and visibility of our brand name." Ratiraj Tibrewal Director & CEO of Choice Capital Advisors Private Limited said, "We are proud to support a company that has demonstrated outstanding leadership and innovation within the engineered stones industry. The global market for engineered stones is experiencing significant growth, driven by increasing demand for durable, aesthetically pleasing, and low-maintenance surfaces. We are confident that Esprit Stones Limited will continue to thrive and expand its market presence." Govind Saboo Partner of Srujan Alpha Capital Advisors LLP said, "Esprit Stones Limited has consistently stayed ahead of industry trends by offering premium products that cater to the evolving needs of both domestic and international markets. We believe that the strategic use of the Issue proceeds will further solidify the company's market position and drive sustained growth in the future." (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
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