C2C Advanced Systems Limited...
16 Nov 2024
Grill Splendour Services Limited IPO
Grill Splendour Services Ltd. (GSSL) is a chain of gourmet Bakery and Patisserie spread across Mumbai. The business overview provided outlines a strategic move towards establishing a strong foothold in the gourmet bakery and patisserie sector within Mumbai.The company is engaged in the products like Cakes & Pastries, Food Sale, Beverages, and Desert Sales.Birdy's IPO is a fixed price issue of Rs 16.47 crores.
BIRDY’S IPO Details
| Detail | Description |
|---|---|
| IPO Date | April 15, 2024 to April 18, 2024 |
| Listing Date | April 23, 2024 |
| Face Value | ₹10 per share |
| Price | ₹120 per share |
| Lot Size | 1200 Shares |
| Total Issue Size | 1,372,800 shares (aggregating up to ₹16.47 Cr) |
| Fresh Issue | 1,372,800 shares (aggregating up to ₹16.47 Cr) |
| Issue Type | Fixed Price Issue IPO |
| Listing At | NSE SME |
| Share holding pre issue | 3,835,400 |
| Share holding post issue | 5,208,200 |
| Market Maker portion | 69,600 shares Rikhav Securities |
BIRDY’S IPO Timeline (Tentative Schedule)
| Detail | Description |
|---|---|
| IPO Open Date | Monday, April 15, 2024 |
| IPO Close Date | Thursday, April 18, 2024 |
| Basis of Allotment | Friday, April 19, 2024 |
| Initiation of Refunds | Monday, April 22, 2024 |
| Credit of Shares to Demat | Monday, April 22, 2024 |
| Listing Date | Tuesday, April 23, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on April 18, 2024 |
BIRDY’S IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1200 | ₹144,000 |
| Retail (Max) | 1 | 1200 | ₹144,000 |
| HNI (Min) | 2 | 2,400 | ₹288,000 |
BIRDY’S IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| Anchor Investor Shares Offered | - |
| Market Maker Shares Offered | 69,600 (5.07%) |
| Other Shares Offered | 651,600 (47.47%) |
| Retail Shares Offered | 651,600 (47.47%) |
| Total Shares Offered | 1,372,800 (100%) |
BIRDY’S IPO Promoter Holding
| Shareholding Pre Issue | 49.75% |
| Shareholding Post Issue | 36.64% |
Company & Financials
The company offers fresh food products from traditional to 'made to order' as required by the Customers. Grill Splendour Services Private Ltd. (GSSP) was established in November 2019 as a hospitality company to acquire the bakery and confectionary business along with brand Birdy's Bakery and Patisserie from WAH Restaurants Private Limited. The acquisition was done via a Business Transfer and Intellectual Property Assignment Agreement dated December 27, 2019 (Acquisition Agreement). After that the company proceeded to invest in the business and grow the brand and spread presence. The primary focus of the Company was to bring back the quality and sheen of the brand. It is engaged in the sale of broad categories of products: i.e. Cakes & Pastries, Food Sale, Beverages, and Desert Sales.The company that was primarily in B2C segment has entered in B2B segment from FY23.
BIRDY’S Financial Information
| Period Ended | 30 Nov 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 | ||||||||||||||||||||||||||||||||||||
| Assets | 2,211.54 | 764.02 | 290.59 | 265.98 | ||||||||||||||||||||||||||||||||||||
| Revenue | 885.64 | 1,531.62 | 1,152.27 | 825.22 | ||||||||||||||||||||||||||||||||||||
| Profit After Tax | 61.65 | 199.10 | 3.46 | -3.63 | ||||||||||||||||||||||||||||||||||||
| Net Worth | 494.98 | 200.79 | 1.69 | -1.77 | ||||||||||||||||||||||||||||||||||||
| Reserves and Surplus | 111.44 | 199.79 | 0.69 | -2.77 | ||||||||||||||||||||||||||||||||||||
| Amount in ₹ Lakhs | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| Debt/Equity | 1.5 |
| RoNW | 12.46% |
| P/BV | 9.3 |
| PAT Margin (%) | 6.96 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 5.19 | 1.78 |
| P/E (x) | 23.12 | 67.58 |
Objectives of BIRDY’S IPO
The Company proposes to utilise the Net Proceeds from the Fresh Issue towards funding the following objects:
- 1. Funding additional Working capital requirements;
- 2. Pre-payment/Repayment, in full or part, of certain outstanding borrowings availed by the Company; and
- 3. General Corporate Purposes
BIRDY’S IPO review
The company is in business of Cakes & Pastries, Food Sale, Beverages, and Desert Sales. It posted bumper profits from FY23 onwards i.e. pre-IPO years, which appears to be an exercise to get fancy valuations. Based on its annualized FY24 earnings, the issue is aggressively priced. Small paid-up equity capital post-IPO indicates longer gestation period for migration. There is no harm in skipping this pricey bet.
FAQs for BIRDY’S IPO
-
Why BIRDY’S IPO?
The initial public offer (IPO) of Grill Splendour Services Limited offers an early investment opportunity in Grill Splendour Services Limited. A stock market investor can buy Birdy's IPO shares by applying in IPO before Grill Splendour Services Limited shares get listed at the stock exchanges. An investor could invest in Birdy's IPO for short term listing gain or a long term.
-
2. Birdy's IPO what should investors do?
Birdy's IPO offers an opportunity to buy IPO shares before they get listed at the stock exchanges.
-
When will Birdy's IPO allotment status?
The Birdy's IPO allotment status will be available on or around April 19, 2024. The allotted shares will be credited in demat account by April 22, 2024.
-
When will Birdy's IPO list?
The Birdy's IPO will list on Tuesday, April 23, 2024, at NSE SME.
RHP:
https://nsearchives.nseindia.com/
emerge/corporates/content/ GrillSplendourServicesLtd_PROSP.pdf
DRHP:
https://nsearchives.nseindia.com/ emerge/corporates/content/ GrillSplendourServicesLtd_DP.pdf
-
Why BIRDY’S IPO?
The initial public offer (IPO) of Grill Splendour Services Limited offers an early investment opportunity in Grill Splendour Services Limited. A stock market investor can buy Birdy's IPO shares by applying in IPO before Grill Splendour Services Limited shares get listed at the stock exchanges. An investor could invest in Birdy's IPO for short term listing gain or a long term.
-
2. Birdy's IPO what should investors do?
Birdy's IPO offers an opportunity to buy IPO shares before they get listed at the stock exchanges.
-
When will Birdy's IPO allotment status?
The Birdy's IPO allotment status will be available on or around April 19, 2024. The allotted shares will be credited in demat account by April 22, 2024.
-
When will Birdy's IPO list?
The Birdy's IPO will list on Tuesday, April 23, 2024, at NSE SME.
emerge/corporates/content/ GrillSplendourServicesLtd_PROSP.pdf
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