Autofurnish IPO Listing: Autofurnish share price made a strong debut in the Indian stock market today, 29 May. Autofurnish share price was listed on Friday at ₹43 apiece on BSE SME, a premium of 4.8% from its issue price of ₹41.
The IPO outperformed Street expectations, as seen from the grey market premium (). The GMP for the IPO stood at ₹0 per share, which indicated a likely listing price of ₹41 — same as IPO price.
Autofurnish IPO Subscription Status
Autofurnish IPO witnessed decent in the 3 days of bidding. The SME IPO was subscribed 1.21x by end of Day 3. The retail portion was subscribed 1.17x, and NII portion was also booked 1.17x.
The company has received bids for 40.80 lakh shares against 33.81 shares on offer.
Autofurnish IPO Details
The opened on 21 May and closed on 25 May, with allotments finalised on 26 May.
Autofurnish Enterprise aimed to raise ₹15 crore through its SME IPO, which consists entirely of a fresh issue of 36 lakh equity shares. The public offer does not include any offer-for-sale (OFS) component.
The company plans to deploy the IPO proceeds mainly towards funding its working capital requirements. A portion of the funds will also be used for general corporate purposes.
For retail investors, the minimum bid size had been fixed at one lot comprising 3,000 shares. However, retail applicants had to apply for a minimum of two lots, or 6,000 shares, translating into an investment of approximately ₹2.46 lakh.
Novus Capital Advisors acted as the book-running lead manager to the issue, while Skyline Financial Services was appointed as the registrar. NDA Securities will serve as the market maker for the offering.
Established in 2015, Autofurnish Enterprise operates in the automotive accessories space, with a primary focus on the business-to-business (B2B) segment through its manufacturing and trading activities. The company offers a range of products including car body covers, floor mats, and other automotive utility accessories under its flagship brands, “Autofurnish” and “Mototrance”.
In addition to its B2B business, the company has expanded its presence in the business-to-consumer (B2C) segment through digital and online sales channels. Its subsidiary, Golden Mace, markets products directly to customers through e-commerce platforms such as Amazon, Flipkart and Zepto, besides selling through the company’s own website.