Omfurn India Limited launched its Follow-On Public Offer (FPO), a book build issue valued at ₹27 crore, on Wednesday.
The FPO, comprising entirely of a fresh issue of 36 lakh shares, is scheduled to end on March 22.
The company, specialized in pre-finished wooden doors and modular furniture, intends to list the FPO shares on the NSE SME platform.
Omfurn India FPO has been subscribed 0.10 times overall till 12.30 PM on Wednesday. Notably, the public issue was subscribed 0.23 times in the retail category and 0.05 times in the non-institutional investors’ category.
The FPO allocates 32.60% of the issue size to qualified institutional buyers (QIBs), 14.27% to non-institutional investors (NIIs), 33.27% to retail buyers, and 14.87% to anchor investors. Omfurn India Limited raised ₹4.01 crore from anchor investors on March 19, 2024, and reserved 5% of the issue for the FPO’s market maker, Gretex Share Broking.
Gretex Corporate Services Limited serves as the book-running lead manager for the Omfurn India FPO, with Bigshare Services acting as the public issue’s registrar.
Also Read: Enfuse Solutions IPO Allotment: How to Check Allotment Status Online via Registrar Website and NSE
Omfurn India FPO Price Band
The price band for the Omfurn India FPO is set at ₹71 to ₹75 per share, with a minimum lot size of 2,400 shares. Retail investors are required to invest a minimum amount of ₹1,80,000, while High Net Worth Individuals (HNIs) must invest a minimum of ₹3,60,000 for 2 lots or 4,800 shares.
Omfurn India FPO Allotment
The allotment of Omfurn India FPO shares is anticipated to be finalized on March 26, 2024. Refunds for investors who do not receive shares are scheduled to begin on March 27, with shares credited to successful applicants’ Demat accounts on the same day. The company is set to list its shares on the NSE SME platform on March 28, 2024.
The promoters of Omfurn India Limited include Rajendra Chitbahal Vishwakarma, Narendra Chitbahal Vishwakarma, Mahendra Chitbahal Vishwakarma, Prashant Rajendra Vishwakarma, and Parmanand Mahendra Vishwakarma, whose shareholding post-FPO will be reduced to 50.96% from the existing 73.40%.
Omfurn India FPO Objective
Omfurn India Limited plans to utilize the proceeds from the FPO for various purposes, including meeting capital expenditure requirements, covering expenses related to civil, electric, and fabrication work, and repaying existing debts. Additionally, the funds will support general corporate objectives to facilitate the company’s overall growth and expansion efforts.
About Omfurn India
Established in 1997, Omfurn India Limited has been listed on the NSE SME since 2017. Renowned for its manufacturing expertise in pre-finished wooden doors and modular furniture, the company offers a diverse range of products and services, including modular kitchens, wardrobes, vanities, and turnkey interior projects for a wide array of clients across various sectors.
