The initial public offering (IPO) of Fonebox Retail was oversubscribed at 166.71 so far on Tuesday, the final day of the bidding process. The issue received over 48.51 crore share bids around 11.24 am against 29.1 lakh equity shares available for subscription.

The retail individual investors portion received 39.22 crore shares bids against the reserved quota while the non-institutional investors got over 9.07 crore share bids as per the data available on the NSE. Meanwhile, the qualified institutional buyers’ (QIB) portion received over 21.72 lakh share bids.

Fonebox Retail IPO anchor allotment

The company raised Rs 5.78 crore via anchor allotment in which 682,000 shares were alloted to NAV Capital VCC – NAV Capital Emerging Star Fund at a bid price of Rs 70 per share. The company also allotted 144,000 shares to LC Radiance Fund VCC.

Fonebox Retail IPO issue size

The IPO is entirely a fresh equity issue of up to 29.1 lakh equity shares aggregating to Rs 20.37 crore.

Fonebox Retail IPO price band

The company is offering its shares at Rs 66-70 apiece, and investors can bid for 2,000 shares in 1 lot.

Fonebox Retail IPO GMP

The shares of Fonebox Retail were commanding a premium (GMP) of Rs 125-130 in the grey market.

Fonebox Retail IPO issue structure

The offer comprises a fresh issue of 29,10,000 Equity Shares with a face value of Rs 10/- through the book-building route. As many as 13,78,000 Equity Shares have been reserved for the QIB Quota, including Anchor Reservation, 4,16,000 Equity Shares for the HNI portion, 9,70,000 Equity Shares allocated for the Retail Quota and Market Maker Quota accounts for 1,46,000 Equity Shares.

Fonebox Retail IPO important dates

The IPO opens on January 25 and will close on January 30. Anchor book will open on Wednesday, January 24, 2024. Basis of allotment will be finalised on January 31, Wednesday while initiation of refunds and transfer of shares to demat accounts are likely to be done on February 1, Thursday. The stock is expected to get listed on NSE Emerge on February 2, Friday.

About Fonebox retail

The company sells smartphones and allied accessories from manufacturers like Vivo, Apple, Samsung, Oppo, Realme, Nokia, Narzo, Redmi, Motorola, LG and Micromax. The company also offers consumer durable electronic goods like laptops, washing machines, smart TVs, air conditioners, and refrigerators from popular brands, including TCL, Haier, Lloyd, Daikin, Voltas, Mi, Realme, and OnePlus in its multi-brand stores across Gujarat.

The company operates a large network of 143 multi-brand outlets under three brand names: Fonebox, Fonebook, and MyMobile, in more than 20 cities across Gujarat.

Fonebox Retail promoters

Fonebox Retail is promoted by a group of dynamic and experienced entrepreneurs – Manishbhai Girishbhai Patel, Jigar Lallubhai Desai, Parth Lallubhai Desai, Jigneshkumar Dashrathlal Parekh and Amitkumar Gopalbhai Patel.

Fonebox Retail’s financial performance

The retailer posted a total revenue of Rs 139.75 crore and a profit (PAT) of Rs 1.55 crore in the first half of the current financial year ending September 30, 2023. Its revenue grew to Rs 195.82 crore in FY 2022-23, up from Rs 90.90 crore in the previous financial year. In FY2022-23, Fonebox Retail reported a profit (PAT) of Rs 1.59 crore, compared to Rs 12.79 Lakh in FY 2021-22.

Fonebox Retail’s objects of the offer

The net proceeds from the public offer will be used for its working capital requirements, for general corporate purposes and public issue expenses.

Fonebox Retail plans to invest Rs 13.5 crore to expand its retail store network to more cities in Gujarat. The company proposes to spend the remaining capital on acquiring land to build corporate headquarters, hiring human resources in marketing and technical departments, servicing repayment obligations under existing and future financing arrangements and funding future growth opportunities.

Fonebox Retail IPO Lead managers and Registrar
Beeline Capital Advisors Private Limited is the Book Running Lead Manager, and KFIN Technologies Limited is the Registrar of the Issue.

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