Interiors & More Ltd IPO - Review, Valuation, Opening Date & GMP

Interiors and More IPO - Complete Overview

The company, Interiors & More Ltd, started in 2012 as 'Interiors & More Private Limited' in Maharashtra. Later, they became a public limited company with the name change to 'Interiors & More Limited' in 2023.

They specialise in manufacturing and importing high-quality artificial flowers and décor products for homes, offices, and events. Their diverse range includes artificial flowers, vases, plants, wedding props, lights, furniture, fabric, chandeliers, candles, and more. They're known for their expertise in providing top-notch artificial flowers and props for weddings.

They've shown substantial growth in revenue and volume, thanks to their strategic approach and commitment to quality. They source materials from renowned companies and cater to both businesses and individual customers.

In 2021, they expanded with a factory in Valsad, Gujarat, focusing on understanding customer needs to deliver customised products. Their manufacturing facilities are equipped with modern equipment to ensure top-notch quality. They curate exhibitions nationwide and operate with 93 employees, with their main office in Mumbai, managing administrative and operational needs.

 

Interiors and More IPO Overview

Interiors and More IPO date is slated to be open for subscription from February 15, 2024, to February 20, 2024. This NSE SME IPO follows a Book Built Issue IPO.

Interiors and More IPO price is fixed at Rs.216 to Rs.227 per share. 

The total issue size of this IPO amounts to Rs.42.00 CR. The company has reserved 50% for institutional investors, 15% for non-institutional investors, and 35% for retail investors. 

 

 

Interiors and More IPO timetable (Tentative)

Events	Date
IPO Opening Date	15 February 2024
IPO Closing Date	20 February 2024
IPO Allotment Date	21 February 2024
Refund initiation	22 February 2024
IPO Listing Date	23 February 2024

 

Interiors and More IPO Details

IPO Opening & Closing Date	15 February to 20 February 2024
Face value	Rs.10  per share
Issue Price	Rs.216 to Rs.227  per share
Lot Size	600  Shares
Price of 1 lot	Rs.136,200
Total Issue Size	1,850,400 shares (aggregating up to Rs.42.00 Cr)
Fresh issue	1,850,400 shares (aggregating up to Rs.42.00 Cr)
Listing at	NSE SME
Issue Type	Book Built Issue IPO
Registrar	Bigshare Services Pvt Ltd

 

Interiors and More IPO Lot Details

Application	Lot	Shares	Amount
Minimum Lot Investment (Retail)	1 lot	600	Rs.136,200
Maximum Lot Investment (Retail)	1 lot	600	Rs.136,200
Minimum Lot Investment (HNI)	2 lot	1,200	Rs.2,72,400

 

Interiors and More IPO Reservation

QIB Shares Offered	Maximum 50%
Retail Shares Offered	Minimum 35%
Other Shares Offered	Minimum 15%

 

 

Company Financial

The company's financials show significant growth from FY 22 to FY 23.

(Amount in Lakhs)

Period	Dec 31, FY 23	Mar 31, FY 23	Mar 31, FY 22
Total Assets	3,722.59	3,094.63	1,952.13
Total Revenue	1,853.78	2,527.17	998.53
PAT	354.57	592.84	104.44
Net worth	1,349.78	995.21	405.07
Reserve & Surplus	835.28	823.71	233.57
Total Borrowings	1,645.86	1,439.77	1,297.33

 

Revenue Distribution Location-Wise

Revenue distribution by location shows a significant decrease in Mumbai's share from FY 22 to FY 23, followed by other states.

(in % age)

Particulars	Dec 31, FY 23	Mar 31, FY 23	Mar 31, FY 22
Mumbai	88.31%	68.12%	94.52%
Delhi	1.20%	5.99%	4.02%
Gujarat	10.49%	25.89%	1.46%
Total	100%	100%	100%

 

Revenue by Operations:

Revenue from operations increased significantly from FY 22 to FY 23, contributing to the overall growth.

(Amount in Lakhs)

Particulars	Dec 31, FY 23	Mar 31, FY 23	Mar 31, FY 22
Revenue from operations	1,842.65	2,485.66	989.16
Other Income	11.13	41.52	9.38
Total Revenue	1,853.78	2,527.17	998.53

 

The Objective of the Issue

The company intends to use the net proceeds for the following objectives.

• Repayment/Prepayment of Certain Debt Facilities

• Working Capital Requirements

• General Corporate Purposes.

 

Promoters and Management of Interiors and More IPO

1. Mr. Manish Mohan Tibrewal.

2. Mr. Rahul Jhunjhunwala.

3. Ms. Ekta Tibrewal.

4. Ms. Puja Jhunjhunwala.

5. Ms. Reena Jhunjhunwala.

Pre-issue Promoter Shareholding	95.08%
Post-issue Promoter Shareholding	69.93%

 

Interiors and More IPO Lead Managers

•  Gretex Corporate Services Limited

 

Peers of Interiors and More IPO

The company does not have any listed peer group operating in the same line of business so peer comparison isn't possible.

 

 

Evaluation

The IPO is priced within the range of Rs. 216 to Rs. 217 per share.

   

Evaluation of P/E Ratio:

• Before IPO: Based on the FY23 EPS of Rs 11.52, the P/E ratio stands at 18.83x.

• After IPO: With an EPS of Rs 6.67 over the past three years, the P/E ratio rises to 32.55x.

    

Comparative Analysis with Listed Peers:

Since the company hasn't identified any peers, evaluating it within this analysis isn't possible.

 

Dividend Policy

The company hasn't paid dividends in past fiscal years. Whether we can pay them in the future depends on factors like profits, past dividend trends, capital needs, legal restrictions, and other relevant considerations evaluated by our Board.

 

IPO's Strengths

1. The company has organizational stability along with management expertise.

2. The business model is scalable.

3. The company has a Large & Diverse Product Portfolio.

4. It has an integrated manufacturing facility.

5. It has long-standing relationships with customers and distributors.

6. The company also has strong sales, marketing, and distribution capabilities.

 

IPO's Weaknesses

1. Operates in a highly competitive industry.

2. Its geographical concentration of revenue in Mumbai can impact the business.

3. Its revenue may slow down due to off-season festivals and weddings.

4. The company's products are subject to frequently changing designs, patterns, customer requirements, and tastes.

5. Exposed to exchange rate fluctuations.

6. Has reported negative cash flows in the past.

 

 

IPO GMP Today

The Latest GMP of Interiors and More IPO is Rs.36.

 

Conclusion

Interiors and More Limited IPO presents an opportunity for investors to participate in a company with a solid growth trajectory and a diverse product portfolio. The company's expansion into manufacturing and importing high-quality artificial flowers and décor products has shown promising revenue growth.  However, potential investors should carefully consider the risks associated with this IPO, including the highly competitive industry, geographical revenue concentration, and the seasonal nature of the business.

Additionally, the company's past negative cash flows and exposure to exchange rate fluctuations reflect cautious consideration.

 

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

 

To Read the Prospectus of the Company Click Here to Download the DRHP.

 

 

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