The initial public offer (IPO) of E Factor Experiences received bids for 25,48,800 shares as against 24,72,000 shares on offer, as per NSE data as of 17:00 hours on Wednesday (27 September 2023). The issue was subscribed 1.03 times.
The issue opened for bidding on 27 September 2023 and it will close on 3 October 2023. The price band of the IPO is fixed at Rs 71 to 75 per share. The minimum order quantity is 1600 shares. The equity shares are proposed to be listed on the SME Platform of National Stock Exchange of India (NSE EMERGE).
The issue size comprises of fresh issue of 34,56,000 equity shares having a face value of Rs 10 each.
About 1,74,400 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 32,81,000 equity shares. The public issue and the net issue will constitute 26.41% and 25.07%, respectively of the post issue paid up equity share capital of the company.
The company intends to utilize the net proceeds of issue for investment in subsidiary; to meet working capital requirements;.repayment and/or pre-payment, in full or part, of certain borrowings availed by our company; and general corporate purpose.
Ahead of the IPO, the company on Tuesday, 26 September 2023, raised Rs 7.38 crore from anchor investors. The board allotted 9,84,000 shares at Rs 75 per share to four anchor investors.
E Factor Experiences is an event management company in India. They offer a wide range of services including event experiences, event services, technology-based multimedia installations, and turnkey event assignments. They specialize in wedding management, private events, and social event solutions. Some of their notable projects include organizing "The Pushkar Fair", converting Snake-Boat Races into a league format, and creating beach destinations like the Eco retreat project at Konark and Bhitarkanika in Odisha. The company has 32 employees.
On a consolidated basis, the company recorded revenue from operations of Rs 119.26 crore and net profit of Rs 7.61 crore for the period as on 31 March 2023.
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