NFP Sampoorna Foods withdraws IPO; Grover Jewells offer fully subscribed on opening day
I'm LongbridgeAI, I can summarize articles.NFP Sampoorna Foods has withdrawn its IPO planned for January 27-29 due to unfavorable market conditions, while Grover Jewells' IPO was fully subscribed on its opening day, receiving bids for 28.4 lakh shares against an offer of 27.52 lakh shares. Grover Jewells aims to raise Rs 33.83 crore through its IPO. Additionally, Brandman Retail's IPO was 67% subscribed on the first day, seeking to raise Rs 86.08 crore for expansion and working capital.
NFP Sampoorna Foods IPO News
- NFP Sampoorna Foods withdraws IPO
- Grover Jewells IPO fully subscribed on opening day
- Brandman Retail IPO booked 67% on day 1
New Delhi-based NFP Sampoorna Foods has decided to withdraw its scheduled IPO plan just before it was getting opened for subscription, while the public issue of Grover Jewells was fully subscribed at 1.01 times on the first day of bidding, February 4.
As per the schedule, NFP Sampoorna was planned to launch its initial public offering (IPO) on January 27-29, with price band of Rs 52-55 per share. The IPO schedule had been revised last weekend and new schedule of IPO opening was February 4-6.
The company that involves in processing and trading of dry fruits (cashew nuts, makhana, almonds and Walnut intended to raise Rs 24.53 crore via IPO of 44.6 lakh shares.
NFP Sampoorna informed National Stock Exchange that due to prevailing market conditions, the company has decided to withdraw the proposed issue at this stage. Hence, the IPO of NFP Sampoorna Foods will be treated as withdrawn.
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Meanwhile, Delhi-based gold jewellery maker Grover Jewells' maiden public issue saw 1.01 times subscription on Wednesday with investors bidding 28.4 lakh shares against offer size of 27.52 lakh shares via 576 applications.
The company aims to mobilise Rs 33.83 crore via IPO of 38.44 lakh shares at the upper end of price band of Rs 83-88 per share. Of which, Rs 9.61 crore has already been raised by firm through anchor book of 10.92 lakh shares.
The IPO proceeds will be utilised mainly for working capital, and the remainder funds for general corporate purposes.
Brandman Retail also opened its public issue for subscription on Wednesday, which was subscribed 67 percent as investors picked up 23.44 lakh shares on day 1 against the offer size of 34.99 lakh shares via 1,071 applications.
The company that is engaged in the distribution and retail of premium international brands approached capital markets to raise Rs 86.08 crore via initial share sale of 48.91 lakh shares. The price band for the offer is Rs 167-176 per share.
Brandman Retail intends to spend IPO proceeds for expansion of its retail network by launching 15 new exclusive brand outlets (EBOs) and multi-brand outlets (MBOs), working capital requirements, and general corporate purposes.