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Fonebox Retail's IPO to open on Jan 25; sets price band at Rs 66-70 per share

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NewsDrum Desk
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New Delhi, Jan 22 (PTI) Ahmedabad-based Fonebox Retail on Monday said it has fixed a price band of Rs 66-70 per share for its initial public offering (IPO).

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The initial share sale of the company will open for public subscription on January 25 and conclude on January 30, the company said in a statement.

The anchor portion will be open on Wednesday i.e on January 24.

The offer comprises a fresh issue of 29.10 lakh equity shares with a face value of Rs 10 per share through the book-building route and the shares of the company will be listed on the NSE Emerge, it added.

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At the upper end of the price band, consumer durables retailer Fonebox Retail is expected to fetch up to Rs 20.37 crore.

Investors can bid for a minimum of 2,000 equity shares and in multiples thereof.

Beeline Capital Advisors Pvt Ltd is the sole book running lead manager, while Kfin Technologies Ltd is the registrar to the issue.

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The firm plans to utilise IPO proceeds to meet its working capital requirements, for general corporate purposes and public issue expenses.

The retailer sells smartphones, allied accessories and also offers electronic goods such as laptops and washing machines etc. It operates a large network of 143 multi-brand outlets in more than 20 cities across Gujarat.

Fonebox Retail commenced its operations in February 2021, and is promoted by Manishbhai Girishbhai Patel, Jigar Lallubhai Desai, Parth Lallubhai Desai, Jigneshkumar Dashrathlal Parekh and Amitkumar Gopalbhai Patel.

The retailer posted a revenue of Rs 139.75 crore and a profit of Rs 1.55 crore in the first half of the current financial year ending September 30, 2023. PTI HG HVA

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