NSE SME IPO of Yash Optics & Lens subscribed 39%

Published on Mar 27, 2024 17:33

The initial public offer (IPO) of Yash Optics & Lens received bids for 26,11,200 shares as against 65,61,600 shares on offer, as per NSE data as of 17:00 hours on Wednesday, (27 March 2024). The issue was subscribed 0.39 times.

The issue opened for bidding on Wednesday, (27 March 2024) and it will close on Wednesday, (03 April 2024). The price band of the IPO is fixed at Rs 75 to Rs 81 per share. The minimum order quantity is 1,600 equity shares. The equity shares are proposed to be listed on the SME platform of NSE.

The IPO comprises fresh issue of 65,61,600 equity shares. The promoter and promoter group shareholding will dilute to 71.63% from 97.45% Pre-IPO.

About 3,31,200 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 62,30,400 equity shares. The issue and the net issue will constitute 26.49% and 25.16% respectively of the post offer paid up equity share capital of the company.

The company intends to utilize the net proceeds to meet working capital requirements, funding of capital expenditure for setting up a manufacturing unit for backward integration, purchase of plant and machinery at existing manufacturing unit, repayment/ prepayment of certain borrowings availed by the company and to meet general corporate purpose.

Ahead of the IPO, Yash Optics & Lens on Tuesday, 26 March 2024, raised Rs 13.78 crore from anchor investors. The board allotted 17.02 lakh shares at Rs 81 per share to 7 anchor investors.

Yash Optics & Lens is primarily engaged in the business of manufacturing, trading, distribution and supplying of comprehensive range of spectacle/optical lenses. It offers single vision lenses to advanced progressive lenses, customized progressive lenses to personalized progressives for professionals along with wide range of coatings. As of 31 December 2023, the company has total 106 employees.

The company recorded revenue from operations of Rs 18.66 crore and net profit of Rs 4.22 crore for the period as on 30 September 2023.