Davin Sons Retail IPO Day 2: Subscription status, GMP, price band and other details about SME issue

Davin Sons Retail IPO: Davin Sons Retail’s initial public offering (IPO), which opened for subscription on Thursday, January 2, will close for bidding on Monday, January 6.

Davin Sons Retail IPO has witnessed a strong demand for the issue. Its grey market premium is also trending higher, suggesting investor interest in the SME issue.

Davin Sons Retail IPO Subscription Status

At the end of the second day of the issue, Davin Sons Retail IPO was booked 12.53 times. The retail portion of the IPO was subscribed 22.03 times and the non-institutional investor portion 3.03 times.

Davin Sons Retail IPO Key Details

Here are key details about the Davin Sons Retail IPO:

1. Davin Sons Retail IPO Price Band: Davin Sons Retail IPO is a fixed price offer of ₹55 per share.

2. Davin Sons Retail IPO Size: The company is looking to raise ₹8.8 crore via the fresh issue of 15.96 lakh shares.

3. Davin Sons Retail IPO Lot Size: The minimum application for Davin Sons Retail IPO is one lot, consisting of 2,000 shares. Retail investors will need to invest at least ₹1,10,000 to subscribe to one lot of the issue.

4. Davin Sons Retail IPO Open Dates: The issue opened for subscription on Thursday, January 2 and will remain open till Monday, January 6.

5. Davin Sons Retail IPO GMP: Davin Sons Retail IPO GMP today is ₹15. At this GMP and issue price, Davin Sons Retail shares could list at ₹70, up 27%.

6. Davin Sons Retail IPO Allotment Date: The allotment date for the Davin Sons Retail IPO is Tuesday, January 7. Successful bidders can expect credit of shares on Wednesday, January 8 while refunds will be initiated to the account of investors who will not receive allotment on the same day.

7. Davin Sons Retail IPO Listing: The listing of Davin Sons Retail shares will take place on the BSE SME platform, with the tentative listing date fixed as January 9.

8. Davin Sons Retail IPO BLRM: Navigant Corporate Advisors is the book-running lead manager of the Davin Sons Retail IPO, while Kfin Technologies is the registrar for the issue.

9. Davin Sons Retail IPO Objective: The company plans to use funds raised to finance capital expenditure for the purchase of a warehouse, to part finance working capital and general corporate purposes.

10. Davin Sons Retail IPO Business Overview: The company has two business verticals: 1) manufacturing of readymade garments through job work basis; 2) distribution of FMCG products.

Davin Sons Retail manufactures and designs readymade garments for other brands like denim jackets, jeans and shirts. Additionally, it is also FMCG product distributor for large-sized FMCG companies in India.

The company has witnessed a 242% increase in revenue from ₹3.91 crore in FY23 to ₹13.39 crore in FY24. Meanwhile, its profit after tax (PAT) rose by 190% from ₹0.56 crore in FY23 to ₹1.64 crore in FY24.