Esprit Stones Limited to Launch IPO, Aiming to Raise Rs 50.42 Crores

Esprit Stones Limited is set to go public with an IPO on July 26, 2024, striving to raise Rs 50.42 Crores. The funds will support working capital needs, subsidiary investments, and loan repayments. The Lead Managers are Choice Capital Advisors and Srujan Alpha Capital Advisors.

PNN Mumbai (Maharashtra) [India], July 24: Esprit Stones Limited, a notable name in India's engineered stones sector, is preparing to go public with an Initial Public Offering (IPO) on July 26, 2024. The company aims to generate Rs 50.42 Crores through this initiative, with shares poised to list on the NSE Emerge platform.

The total issue comprises 57,95,200 equity shares priced between Rs 82 to Rs 87 per share. Eligible employees will receive a Rs 5 discount per equity share, with a lot size of 1,600 shares. Key allotments include QIB Anchor Portion (16,12,800 shares), Qualified Institutional Buyers (10,75,200 shares), Non-Institutional Investors (8,06,400 shares), Retail Individual Investors (18,81,600 shares), Employee Reservation (1,28,000 shares), and Market Maker (2,91,200 shares).

Proceeds from the IPO will primarily be used to fund working capital requirements, invest in subsidiary Haique Stones Private Limited, and repay borrowings. The bidding for the anchor portion starts on July 25, 2024, with the subscription window from July 26 to July 30, 2024.

Choice Capital Advisors Private Limited and Srujan Alpha Capital Advisors LLP are leading the issue, with Link Intime India Private Limited serving as the registrar. Sunil Kumar Lunawath, Managing Director and Promoter of Esprit Stones Limited, highlighted the strategic use of funds and the company's commitment to innovation and growth. Ratiraj Tibrewal, Director & CEO of Choice Capital Advisors, and Govind Saboo, Partner at Srujan Alpha Capital Advisors, expressed confidence in the company's market potential and future prosperity.

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