Greenchef SME IPO of Rs 53.62 crores gets listed on NSE Emerge
In it's first Public Offering (IPO), Greenchef Appliances Ltd, the Bangalore-based home appliances manufacturer, successfully raised Rs 53.62 crores.
FollowGreenChef SME IPO Listing: Stock lists at Rs 104 at a Rs 17 /- premium on NSE Emerge
Greenchef Appliances Limited made a decent debut on NSE Emerge on Thursday as the shares were listed at a premium of Rs 17 to the issue price. The shares of Greenchef were listed at ₹104 apiece, Rs 17 higher than the issue price of ₹ 87 per share. HEM Securities Limited are the Book Running Lead Manager of the issue. The shares hit an upper circuit of Rs 109.20 while going to print.
Greenchef Appliances Ltd, the Bangalore-based home appliances manufacturer, had successfully raised 53.62 crores in its first Initial Public Offering (IPO). The IPO, which was open for subscription from June 23rd to June 27th, 2023, garnered overwhelming demand and was oversubscribed by close to 60 times.
The company currently operates three plants in Bangalore and one in Himachal Pradesh. Greenchef Appliances Ltd aims to expand its presence in the Northern Indian markets, specifically Uttar Pradesh, Madhya Pradesh, Chhattisgarh, and Bihar. The company's target audience includes the unorganized sector, which currently holds over 60% of the Kitchen appliances market.
Mr. Praveen Jain, Managing Director of Greenchef Appliances Ltd, stated, "The proceeds from the IPO will be utilized for constructing a new factory near Vasanthanarsapura (Tumkur). The facility, spanning nearly 15 acres with a built-up area of about 2 lakh square feet, is expected to be completed between December 2023 to March 2024. Additionally, the funds will be allocated as working capital for business
promotions, new product development, machinery acquisition for plant automation, and backward integration."
Dr. Harish Ahuja, Senior Vice President, NSE, attend the event on behalf of NSE Limited
For more information, please contact:
Abhay Jain, GreenChef Appliances Limited
Chief Financial Officer
8139999846
abhay@greenchef.in
About Greenchef Appliances Ltd: Greenchef Appliances Ltd is a Bangalore-based home appliances manufacturer that specializes in producing a wide range of products, including gas stoves, mixer grinders, pressure cookers, induction cooktops, rice cookers, kettles, wet grinders, and stainless steel utensils. The company aims to provide affordable and high-quality appliances to consumers.
