Strong Financial Performance and Positive Investor Sentiment Drive Listing Gains

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Strong Financial Performance and Positive Investor Sentiment Drive Listing Gains

Key Details and Analysis

EnNutrica, a milk products manufacturer, launched its initial public offering (IPO) on June 20, 2024. The IPO aimed to raise Rs 34.83 crores through a fresh issue of 6.45 million shares.

Price band: Rs 51 to Rs 54 per share

2,000 shares for retail investors, 4,000 shares for HNIs

Rs 108,000 for retail investors, Rs 216,000 for HNIs

June 20-24, 2024

June 25, 2024

June 27, 2024 (tentative)

EnNutrica's revenue jumped 142% in FY23 to Rs 68 crore compared to Rs 28 crore in FY22. The company also turned profitable, recording a profit after tax (PAT) of Rs 5.2 crore in FY23, compared to a loss of Rs 4.2 crore in FY22.

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

Post-IPO, the promoters will hold a 59.36% stake in the company, down from 80.66% earlier.

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

Overall, EnNutrica's IPO was well-received by the market, with strong financial performance and positive investor sentiment.