The initial public offering (IPO) of Interiors & More has been subscribed 0.45 times or 45.3% so far on Day 3. The issue received 838,800 share bids on the NSE as of 12:30 am out of which, the retail portion received 651,600 bids. The non-institutional investors’ portion received 187,200 bids while the qualified institutional buyers’ (QIBs’) portion was yet to open the account.

The book-building issue will end on February 20. The price band has been set at Rs 216-227 per equity share. The shares will be listed on the NSE Emerge platform.

The IPO is entirely a fresh issue of 1,850,400 shares. The maximum subscription amount for retail investors is Rs 2 lakh. They can subscribe to at least one lot comprising 600 equity shares. The retail investors have been allotted a quota of 615,600 shares.

The company intends to utilise the proceeds of the IPO for repayment/pre-payment of certain debt facilities and Rs 4.50 crore will be used towards it. The company will use Rs 25 crore for working capital requirements. Some part of the proceeds will also be utilised towards general corporate purposes.

The company was originally incorporated on July 30, 2012, as ‘Interiors & More Private Limited’ but in 2023 it was converted to Public Limited Company as ‘Interiors & More Limited’. Initially, the company focused on trading artificial flowers, importing them and selling them domestically and later expanded into decorative items such as vases, plants, planters, wedding props, lights, furniture, fabric, chandeliers, candles, fragrances, and other related décor items. As of today, it manufactures and trades artificial flowers, plants and other home and office décor items. It has an in-house manufacturing plant.

The revenue mainstay is sales of artificial flowers, plants & leaves. The company reported a revenue of Rs 18.42 crore as of December 31, 2023. The profit after tax (PAT) during this period was at Rs 3.54 crore. In FY2023, the revenue was reported at Rs 24.85 crore versus Rs 9.89 crore in FY2022 and Rs 6.43 crore in FY2021. The PAT in respective FYs stood at Rs 5.93 crore, Rs 1.04 crore and Rs 43.33 lakh.

The book-running lead manager (BRLM) for the issue of Interiors & More is Gretex Corporate Services Limited while the registrar is Bigshare Services Private. The sponsor bank is ICICI Bank.

The allotment of shares is expected to be finalised on February 21, Wednesday. The initiation of refunds and credit of shares to demat accounts is expected on February 22. The expected listing date is Friday.