FoneBox Retail IPO received mixed response from retail investors, non-institutional investors (NIIs) and qualified institutional buyers (QIBs) on the first day as the the portion reserved for QIBs was under-subscribed.
Fonebox Retail is a retailer of smartphones and accessories from manufacturers such as Vivo, Apple, Samsung, Oppo, Realme, Nokia, Narzo, Redmi, Motorola, LG, and Micromax. The company operates under two brand names Fonebook and Fonebox.
The company is also engaged in multi-brand retailing of consumer durables such as laptops, washing machines, smart TVs, air conditioners, refrigerators, etc. from brands such as TCL, Haier, Lloyd, Daikin, Voltas, Mi, Realme, and OnePlus.
FoneBox Retail IPO Subscription Status:
FoneBox Retail IPO has received bids for 2,88,46,000 shares against 19,38,000 shares on the offer. FoneBox Retail IPO has reserved not more than 50 per cent of the shares in the public issue for QIB, not less than 15 per cent for NII, and not less than 35 per cent of the offer is reserved for retail investors.
Also Read: FoneBox Retail IPO: Price band set at ₹66-70 per share; check GMP, issue details, key dates
On the first day, the portion reserved for retail investors was subscribed over 59 times. FoneBox Retail IPOs’ retail investors’ portion received bids for 2,47,10,000 shares against 4,14,600 shares on offer for this segment.
The portion reserved for NIIs was subscribed over four times. FoneBox Retail IPOs’ NII portion received bids for 41,32,000 shares against 9,67,400 shares on offer for the segment. The portion reserved for QIBs was barely subscribed at 0.01 times.
FoneBox Retail IPO Details:
Fonebook IPO is a book built issue of ₹20.37 crore. The issue is entirely a fresh issue of 29.1 lakh shares. The multi-brand smartphone retailer has fixed the price band for the issue at ₹66 – ₹70 per equity share of face value of ₹10 each.
The minimum lot size for an application is 2,000 shares, which means investors can bid for a minimum of 2,000 shares and in multiples thereof. FoneBox Retail IPO has reserved not more than 50 per cent of the shares in the public issue for qualified institutional buyers (QIB), not less than 15 per cent for non-institutional institutional investors (NII), and not less than 35 per cent of the offer is reserved for retail investors.
Beeline Capital Advisors Pvt Ltd is the book running lead manager of the Fonebook IPO, while Kfin Technologies Limited is the registrar for the issue. The company will utilize the proceeds from the fresh issue towards meeting working capital requirements, general corporate purposes and for public issue expenses.
Fonebox Retail IPO GMP today
Fonebox Retail IPO GMP today or grey market premium is ₹120. This indicates Fonebox Retail share price were trading at a premium of ₹120 in the grey market on Thursday, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of ₹190 apiece, which is 171.43 per cent higher than the IPO price of ₹70. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
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Published: 25 Jan 2024, 07:39 PM IST