Aspire & Innovative IPO: The initial public offering (IPO) of small- and medium-sized enterprise (SME) Aspire & Innovative Limited will open for subscription on March 26, 2024 and fixed the price band for the issue today.
The company is involved in sales and doorstep delivery of consumer durables products to un-banked and underbanked customer segments through commercial agreements with non-banking financial companies (NBFCs) and micro finance institutions (MFIs).
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Aspire & Innovative IPO Details:
Aspire & Innovative Advertising Limited has established a price band of ₹51 to ₹54 per share for the upcoming IPO. Aspire & Innovative IPO is a book built issue of ₹21.97 crore. The issue is entirely a fresh issue of 40.68 lakh shares.
The company’s shares will open for subscription on March 26, 2024 and closes on March 28, 2024. The IPO comprises 50 per cent of the net issue for qualified institutional buyers (QIBs), 35 per cent for retail investors and 15 per cent of the net issue for the non-institutional investors (NII) segment.
The retail investors need to contribute a minimum of ₹1.08 lakh considering the minimum lot size for an application is 2000 shares. For HNIs, the minimum bidding size is two lots, or 4000 shares, for a total investment of ₹2.16 lakh at the upper price band.
The shares will be listed on the NSE Emerge, with a projected listing date of Wednesday, April 3, 2024 Hem Securities Limited is the book running lead manager of the Aspire & Innovative IPO, while Bigshare Services Pvt Ltd is the registrar for the issue. The issue proceeds will be utilized in financing the cost of establishing new warehouses, to meet working capital requirements and general corporate purposes.
Aspire & Innovative Company Details:
Aspire & Innovative Advertising Limited’s revenue increased by 35.46 per cent and profit after tax (PAT) rose by 21.38 per cent between the financial year ending with March 31, 2023 and March 31, 2022.
Aspire & Innovative Advertising Limited offers more than 50 products, including Mobile phones and accessories, cookware, electronics, and appliances such as pressure cookers, induction cooktops, mixer-grinders, dinner sets, sewing machines, fans, irons, bulbs, heaters, phones, TVs, refrigerators, washing machines, headphones, and solar lanterns.
The company’s asset-light model incurs expenses for facilitation fees and commission paid to intermediaries. The company has commercial arrangements with 15+ intermediaries and operates 19 warehouses in 16 states.
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Published: 20 Mar 2024, 09:05 PM IST