Esprit Stones Limited, a prominent player in the engineered stone industry, is set to launch its Initial Public Offering (IPO) from July 26 to July 30, 2024. The IPO aims to raise between ₹47.52 crore and ₹50.42 crore, with a price band set at ₹82 to ₹87 per share. The company plans to issue 57,95,200 shares, with a minimum bid lot size of 1,600 shares, amounting to ₹1,39,200 per lot (IPO Central) (InvestorZone).
Financial Performance and Business Overview
Esprit Stones specializes in engineered quartz and marble surfaces, produced from its advanced manufacturing facilities. The company’s revenue for FY 2024 stood at ₹272.89 crore, a significant increase from ₹174.41 crore in FY 2023. Despite a challenging economic environment, Esprit Stones managed to improve its net income to ₹10.32 crore in FY 2024 from ₹3.56 crore in FY 2023 (IPO Central) (InvestorZone).
The company exports its products to over 10 countries, including major markets like the USA, Canada, and UAE. The proceeds from the IPO will be used to fund working capital requirements, repay subsidiary borrowings, and for general corporate purposes (IPO Central) (InvestorZone).
IPO Details
Open Date: July 26, 2024
Close Date: July 30, 2024
Issue Size: 57,95,200 shares
Price Band: ₹82 – ₹87 per share
Lot Size: 1,600 shares
Listing: NSE Emerge
Promoters: Sunilkumar Lunawath, Nitin Gattani, Pradeepkumar Lunawath, among others (IPO Central) (InvestorZone).
Market Sentiment and Grey Market Premium (GMP)
The Grey Market Premium for Esprit Stones IPO has shown a positive trend, with a GMP of ₹30-35 per share as of July 25, 2024, reflecting investor confidence in the company’s growth potential and market positioning (IPO Central).