Strong Debut! Leo Dryfruits & Spices shares list at ₹68, premium of 31% over IPO price | Stock Market News
Source: Live Mint
Leo Dryfruits & Spices Trading IPO Listing: Leo Dryfruits & Spices made a strong debut on the bourses on Wednesday, January 08, 2024, as the stock got listed at ₹68 apiece on BSE SME, a premium of 31% over the issue price of ₹52. Following the strong debut, the stock tumbled 2.2% to the current trading price of ₹66.50.
The ₹25.12 crore SME IPO was open for subscription between January 01 and January 03, in a price band of ₹51–52 per share. The IPO was entirely a fresh issue of 48.30 lakh equity shares.
The issue was subscribed 181.77 times as it received a stellar response from non-institutional buyers and retail investors, whose portions were booked 394 times and 154 times, respectively. The qualified institutional buyers (QIBs) portion was subscribed 68 times, as per the exchange data.
The company proposes to utilise the net proceeds from the issue towards funding the working capital requirements of the company, branding, advertisement and marketing activities, and general corporate purposes.
About Leo Dry Fruits
The company is engaged in the manufacturing/processing, trading, and marketing of a wide range of spices, dry fruits, and other grocery products under the brand name “VANDU” and frozen/semi-fried products under the brand name of “FRYD.”
It is currently engaged in supplying various whole spices and blended spices under the spices category; plain, roasted, and flavored dry fruits under the dry fruits category; and ghee, various types of seasoning, chiz bites, poppy seeds, sesame seeds, and many more under the other grocery products category in different packaging sizes.
Currently, the majority of the company’s sales are derived from the state of Maharashtra. For the financial year ending March 31, 2024, 2023, and 2022, its sales were ₹6,011.99 Lakhs, ₹3,368.88 Lakhs, and ₹489.70 Lakhs from Maharashtra, which constitutes 96.71%, 92.45%, and 93.00%, respectively, of the revenue from operations, as per the company’s DRHP report.
The company is looking to expand its business operations to other states of the country as well as into global markets.
Disclaimer: We advise investors to check with certified experts before taking any investment decisions.
