Sunday, February 25, 2024

Greenchef Appliances IPO to open on June 23, price band fixed

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New Delhi (India), June 21: The initial public offering (IPO) is scheduled to open on June 23 and conclude on June 27. The shares of the company will be listed on NSE Emerge, a platform for small and medium enterprises, the company said in a statement.

Greenchef Appliances is a kitchen solutions provider. The company is engaged in the business of manufacturing and marketing kitchen appliances under 20 categories.

The company has fixed a price band of Rs 82-87 per share. It is looking to raise Rs 53.62 crore through its initial share sale offer.

The book-running lead Manager to the IPO is Hem Securities. Each lot has 1600 shares.

The company’s revenue from operations in the first nine months of the financial year 2022-23 stood at Rs 254.82 crore, and net profit at Rs 10.21 crore.

The company has four manufacturing units, of which four are located in Karnataka and one in Himachal Pradesh. The company has more than 300 SKU’s. It has 450 distributors spread across 22 states and UTs. The company has 114 distributors in Uttar Pradesh, 61 in Tamil Nadu and 43 in Bihar.  

The Company also sells its products through online platforms. Its products include gas stoves, pressure cooker, mixer grinder, wet grinders, electric rice cooker, induction cooktops, non-stick cookwares and gas cylinder trolley among others.

The gas stove segment generated 37 per cent of the revenue while pressure cooker 18 per cent. The mixer grinder generated 10 per cent of the revenue. The South India business accounts for 50 per cent of the overall revenue.

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