Italian Edibles IPO announces price range of ₹68 per piece; Review issue details, important dates, and more

The price range for the IPO of Italian Edibles Limited has been set at ₹68 each. The Italian Edibles IPO will open for subscription on Friday, February 2nd and close on Wednesday, February 7th. The lot size of the Italian Edibles IPO consists of 2,000 shares. Investors can bid for at least 2,000 shares and multiples thereof. The issue price is 6.8 times the nominal value ₹10.

The company's draft Red Herring Prospectus (DRHP) states that the Italian company Edibles has been producing delicious confectionery products for 14 years. The brand name “Ofcourse” is used to market the company’s confectionery. The company offers a variety of confectionery products to its consumers including candies, jelly beans, multigrain puff rolls, lollipops, milk paste, chocolate paste and rabdi [Meethai Sweet]. The company's two functional manufacturing units are located at Gramme Palda and Prabhu Toll Kanta in Madhya Pradesh.

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The IPO of Italian Edibles comprises a new issue of a total of 39,20,000 shares ₹26.66 crore. This is a completely new problem and there is no supply component.

The Company intends to use the net funds from the Offering for the following purposes: establishing the proposed production unit; repay certain loans; Meeting increased working capital needs; and general corporate expenses.

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“We believe the listing will enhance our corporate image and the visibility of our company’s brand name. We also believe that our company will benefit from listing shares on NSE's Emerge platform. It will also provide liquidity to existing shareholders and also create a public trading market for our company's shares,” the company said in its DRHP.

The founders of the company are Ajay Makhija and Akshay Makhija.

The sole Book Running Lead Manager (BRLM) of Italian Edibles IPO is First Overseas Capital Ltd and the registrar of the issue is Bigshare Services Pvt Ltd.

Also read: IPOs next week: Six new issues, 10 listings to keep the primary market busy

Disclaimer: The above views and recommendations are those of individual analysts, experts and brokerage firms, not Mint. We recommend investors consult certified experts before making an investment decision.

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