Esprit Stones IPO: Check Issue Size, Price Range and GMP Before Subscribing

The initial public offering (IPO) of Esprit Stones opened on Friday with an issue size of Rs 50.42 crore comprising a fresh issue of 57.95 lakh shares.

The subscription for shares in the public offering will be open till July 30, 2024. Esprit Stones has raised Rs 14.03 crore from its anchor investors.

The allotment of shares under the Esprit Stones IPO is expected to be completed by Wednesday, July 31, 2024, with listing on the NSE SME expected to occur on August 2, 2024.

The price range for the IPO is set at Rs 82-87 per share. Investors can apply for a minimum lot of 1,600 shares, which requires an investment of Rs 1,39,200 for retail investors.

High net worth individuals (HNIs) must apply for at least 2 lots (3,200 shares) which is an amount of Rs 2,78,400 crore. The IPO is being managed by Choice Capital Advisors Pvt Ltd and Srujan Alpha Capital Advisors LLP with Link Intime India Private Ltd acting as the registrar. Choice Equity Broking will act as the market maker.

Founded in 2016, Esprit Stones Limited specialises in the production of quartz and marble surfaces.

Esprit Stones IPO Latest GMP

The Grey Market Premium (GMP) for Esprit Stones SME IPO is Rs 38 as on July 26, 2024 10:59 AM.

Given the price band of Rs 87.00, the expected IPO issue price is Rs 125, which includes the current GMP. This suggests an estimated potential return of 43.68% per share.

Esprit Stones IPO Goals

The net proceeds from the IPO, which are gross proceeds less applicable issue costs (Net Proceeds), are used for several purposes.

These include funding the company’s working capital requirements, investing in its subsidiary Haique Stones Private Limited (HSPL) to repay or prepay existing loans, providing additional working capital to HSPL and meeting general corporate purposes.