The Italian edibles IPO was subscribed over 15 times on the second day, with the retail portion seeing strong demand

The initial public offering (IPO) of Italian Edible Limited opened for subscription on February 2, 2024 and closes on February 7, 2024. To date, the Small and Medium Enterprises (SME) IPO has been subscribed over 15.08 times.

The price range for the IPO of Italian Edibles Limited has been set at ₹68 each. The lot size of the IPO is 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.

Also Read: Italian Edibles IPO Announces Price Range ₹68 each; Review issue details, important dates, and more

“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.

Italian Edible IPO Subscription Status

According to NSE data, Edible's Italian IPO received offers for 6,00,38,000 shares while 37,20,000 shares were offered on the second day of the bidding.

The retail investor portion of Italy's Edible IPO received offers for 4,96,64,000 shares against 18,60,000 shares offered for this segment. Meanwhile, the non-institutional investor portion received offers for 94,20,000 shares as against 18,60,000 shares offered for this segment.

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On the first day, the issue was subscribed over 4.42 times. In the retail category and NII category, applications were received more than 7.50 and 1.33 times respectively.

Italian Edibles IPO Details

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.

Also Read: Hyundai Motors India reportedly aims for an IPO in November, valuing the company at $22 billion to $28 billion

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.

Allotment for Italian Edibles' IPO is expected to close on Thursday, February 8, 2024. The Italian Edibles IPO will be listed on the NSE SME. The provisional trading date is Monday, February 12, 2024.

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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