Autofurnish IPO Day 1: The initial public offering (IPO) of Autofurnish opened for subscription today, 21 May, and will close on Monday, 12 May. The IPO price band for the has been set at ₹41 per share.
The company aims to raise ₹15 crore from this issue, which is entirely a fresh issue of 36 lakh shares.
The is expected on Tuesday, 26 May, while successful applicants are likely to receive their shares on Wednesday, 27 May. Refunds for non-allottees will also be processed on the same day. The stock is scheduled to list on with a tentative listing date of 29 May, Friday.
The proceeds from the issue will be mainly used for working capital requirements and general corporate purposes.
Investors can apply for a minimum of 3,000 shares (1 lot), translating into a minimum investment of ₹2.46 lakh for retail investors (6,000 shares, 2 lots).
Novus Capital Advisors is the book-running lead manager to the issue, while Skyline Financial Services is acting as the registrar. NDA Securities is the market maker for the IPO.
Autofurnish IPO GMP Today
Investor sentiment toward the IPO is muted, as KSH International’s grey market premium () is ₹0 on 21 May. This suggested that the stock was likely to debut at ₹41, the same as the IPO price.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Autofurnish IPO subscription status
The IPO was 0.19x by 2:45 pm on Day 1. The retail portion was subscribed 0.37x, and the NII portion was booked 0.01x. The company has received bids for 6.30 lakh shares against 33.81 lakh shares on offer.
About Autofurnish
Autofurnish, incorporated in 2015, is engaged in the manufacturing and trading of automotive accessories, primarily serving the business-to-business (B2B) market. The company offers a wide range of products, including car body covers, foot mats, and various automotive utility accessories under its “Autofurnish” and “Mototrance” brands.
The company has also expanded its presence in the business-to-consumer (B2C) segment through digital and e-commerce channels. Its subsidiary, Golden Mace, operates across online platforms such as Amazon, Flipkart, Zepto and the company’s own website to cater directly to retail consumers.
Apart from automotive accessories, the company manufactures motorcycle riding products and utility items, including riding gear, polishing pads and towel cloths.
Autofurnish further stated that its manufacturing facilities are backed by multiple quality and safety certifications, including ISO, IATF and GMP standards related to quality management, operational safety and sustainability practices.