NSE SME IPO Of Kalahridhaan Trendz subscribed 1.07 times

The offer received bids for 53.52 lakh shares as against 49.98 lakh shares on offer.

The initial public offer (IPO) of Kalahridhaan Trendz received bids for 53,52,000 shares as against 49,98,000 shares on offer, as per NSE data as of 17:00 hours on Thursday, (15 February 2024). The issue was subscribed 1.07%.

The issue opened for bidding on Thursday (15 February 2024) and it will close on Tuesday, (20 February 2024). The price of the IPO is fixed at Rs 45 per share. The minimum order quantity is 3,000 equity shares. The equity shares will list on NSE's SME platform.

The IPO comprises fresh issue of 49,98,000 shares. The promoter and promoter shareholding will dilute to 68.24% from 96.22% pre-IPO.

About 2,52,000 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 47,46,000 equity shares. The issue and the net issue will constitute 29.08% and 27.61% respectively of the post offer paid up equity share capital of the company.

The company intends to utilize the net proceeds for issue for working capital requirements and general corporate purpose.

Kalahridhaan Trendz is mainly engaged in the business of manufacturing and trading of fabric with embroidery works and printing and dyeing for preparing suiting, shirting and dress materials for sale it in the market. The company has two divisions, embroidery and knitting and dyeing and printing of cloths. As on 31 December 2023, the company employed has 12 permanent employees in various departments.

The company recorded revenue from operations of Rs 84.27 crore and net profit of Rs 4.78 crore for the period as on 30 September 2023.

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