EnNutrica IPO begins bidding today: Check GMP, price band, lot size

The milk products manufacturer EnNutrica’s initial public offering (IPO) opens for subscription today, June 20, 2024. The primary issue aims to raise Rs 34.83 crores comprising entirely a fresh issue of 6.45 million shares.

EnNutrica secured Rs 9.90 crore from anchor investors on June 19. The anchor investor list includes Next Orbit Ventures Fund, Nova Global Opportunities Fund, Nav Capital, Beacon Stone Capital and Zinnia Global Fund.

The promoters of the company, R Rajasekaran, Rajadharshini Rajasekaran and Indrayani Biotech will hold 59.36 per cent stake in the company post the IPO versus 80.66 per cent earlier. 

The company processes whole milk and skimmed milk to produce various dairy ingredients, including milk protein concentrates, skimmed milk powder, and dairy whitener among others. 

Here are the key details of EnNutrica IPO

EnNutrica IPO lot size, price band

The price band is set at Rs 51 to Rs 54 per share. The minimum lot size for an application is 2000 Shares. The minimum amount of investment required by retail investors is Rs 108,000. The minimum lot size investment for HNI is 2 lots (4,000 shares) amounting to Rs 216,000.

EnNutrica IPO important dates

The IPO opens for subscription on June 20, 2024 and closes on June 24, 2024. The allotment for the EnNutrica IPO is expected to be finalised on Tuesday, June 25, 2024. It will list on BSE SME with a tentative listing date fixed as Thursday, June 27, 2024.

EnNutrica IPO GMP

According to IPO information platform Chittorgarh IPO, the latest grey market premium (GMP) for EnNutrica is Rs 70. With a price band of Rs 54, the estimated listing price for the IPO is Rs 154, projecting an expected listing gain of 129.63 percent per share.

EnNutrica IPO financials

In FY23, EnNutrica recorded a 142 per cent increase in revenue to Rs 68 crore from Rs 28 crore in FY22. The company also recorded a profit after tax (PAT) of Rs 5.2 crore in FY23, as against a loss of Rs 4.2 crore in FY22.

EnNutrica IPO share allotment

The company has allocated up to 50 per cent of the shares for Qualified Institutional Buyers (QIBs), at least 35 per cent for retail buyers, and a minimum of 15 per cent for Non-Institutional Investors (NIIs).

EnNutrica IPO lead book runners

Beeline Capital Advisors Pvt Ltd is the book running lead manager of the EnNutrica IPO, while Link Intime India Private Ltd is the registrar for the issue. The market maker for EnNutrica IPO is Spread X Securities.