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01 May 2024

Interiors and More Limited IPO

Interiors & More Ltd. (IML) is focused on trading artificial flowers, importing them and selling them domestically. An artificial flower resembles a real flower but is non-perishable in nature, hence it is commonly utilized in Indian marketplaces. Artificial flowers are commonly utilized in weddings, celebrations, corporate settings, and home decor. The company has been serving businesses of all sizes for over a decade. Following its success with artificial flowers, the company expanded into decorative items such as vases, plants, planters, wedding props, lights, furniture, fabric, chandeliers, candles, fragrance, and other related décor items. As of today, it is a manufacturer and trader of quality artificial flowers, plants, and other home and office décor items.

The company sources raw materials from both domestic and foreign markets. Interiors and More IPO is a book built issue of Rs 42.00 crores. The issue is entirely a fresh issue of 18.5 lakh shares. Interiors and More IPO price band is set at ₹216 to ₹227 per share. The minimum lot size for an application is 600 Shares. Gretex Corporate Services Limited is the book running lead manager of the Interiors and More IPO, while Bigshare Services Pvt Ltd is the registrar for the issue. The market maker for Interiors and More IPO is Gretex Share Broking.

Interiors and More IPO Overview

Detail	Description
IPO Date	February 15, 2024 to February 20, 2024
Listing Date	February 23, 2024
Face Value	₹10 per share
Price Band	₹216 to ₹227 per share
Lot Size	600 Shares
Total Issue Size	1,850,400 shares (aggregating up to ₹42.00 Cr)
Fresh Issue	1,850,400 shares (aggregating up to ₹42.00 Cr)
Issue Type	Book Built Issue IPO
Listing At	NSE SME
Share holding pre issue	5,145,000
Share holding post issue	6,995,400
Market Maker portion	93,000 shares Gretex Share Broking

Interiors and More IPO Timeline (Tentative Schedule)

Detail	Description
IPO Open Date	Thursday, February 15, 2024
IPO Close Date	Tuesday, February 20, 2024
Basis of Allotment	Wednesday, February 21, 2024
Initiation of Refunds	Thursday, February 22, 2024
Credit of Shares to Demat	Thursday, February 22, 2024
Listing Date	Friday, February 23, 2024
Cut-off time for UPI mandate confirmation	5 PM on February 20, 2024

Interiors and More IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	1	600	₹136,200
Retail (Max)	1	600	₹136,200
HNI (Min)	2	1,200	₹272,400

Interiors and More IPO Reservation

Investor Category	Shares Offered
Anchor Investor Shares Offered	526,200 (28.44%)
Market Maker Shares Offered	93,000 (5.03%)
QIB Shares Offered	351,600 (19.00%)
NII (HNI) Shares Offered	264,000 (14.27%)
Retail Shares Offered	615,600 (33.27%)
Total Shares Offered	1,850,400 (100%)

Interiors and More IPO Promoter Holding

Share Holding Pre Issue	95.08%
Share Holding Post Issue	69.93%

Interiors and More IPO Anchor Investors Details

Bid Date	February 14, 2024
Shares Offered	526,200
Anchor Portion Size (In Cr.)	11.94
Anchor lock-in period end date for 50% shares (30 Days)	March 22, 2024
Anchor lock-in period end date for remaining shares (90 Days)	May 21, 2024

Company & Financials

The company was incorporated in June 2012, Interiors & More Limited trades, imports, and sells artificial flowers. The company manufactures and trades quality artificial flowers, plants, and decor items for homes and offices. The company has expanded to various locations over the years, including Mumbai and Delhi, with the factory operating from Umbergaon .The Company has two well-equipped manufacturing units. One is located in Umargam, Gujarat and measures 57,000 Sq. ft. The other unit is situated in Umbergaon, Gujarat and measures 7,000 Sq. ft. The company offers various products, including artificial flowers such as Roses, Yellow Marigolds, Green Grass in Mats, Green Leaves, carnations, Hydrangea, and Hanging orchids. In addition, the company trades in Fountains, battery-operated Candles, Chandeliers, vases made of Wood and Glass, artificial trees, Furniture, and Tables. Interiors & More Limited curates exhibitions across India.

Interiors and More Limited Financial Information

Period Ended	31 Dec 2023	31 Mar 2023	31 Mar 2022	31 Mar 2021
Assets	3,722.59	3,094.63	1,952.13	1,478.30
Revenue	1,853.78	2,527.17	998.53	663.10
Profit After Tax	354.57	592.84	104.44	43.33
Net Worth	1,349.78	995.21	405.07	300.63
Reserves and Surplus	835.28	823.71	233.57	129.13
Total Borrowing	1,645.86	1,439.77	1,297.33	904.02
Amount in ₹ Lakhs

Key Performance Indicator

KPI	Values
ROE	84.68%
ROCE	75.58%
Debt/Equity	1.45
RoNW	59.57%
P/BV	11.74

	Pre IPO	Post IPO
EPS (Rs)	11.52	6.76
P/E (x)	19.7	33.59

Objectives of Interiors and More IPO

The company intends to utilize the Net Fresh Issue Proceeds for the following Objectives:

● Repayment/Prepayment of Certain Debt Facilities.
● Working Capital Requirements.
● General Corporate Purposes.

Interiors and More IPO Review

The company is in the business of decorations and manufacturing and trading in decorative products with prime focus on artificial flowers. The sudden jump in its top and bottom lines from FY23 onwards raise eyebrows and the concern over its sustainability. Based on FY24 super annualized earnings, the issue appears aggressively priced. Post-IPO small equity base hints at longer gestation for migration to mainboard. There is no harm in skipping this pricey bet.

FAQs for Interiors and More IPO

What Is The Size Of The Interiors And More IPO?

Interiors and More consists of a fresh Issue of 18, 50,400 equity shares. The company intends to utilize the funds raised for repayment, prepay debt, meet working capital needs, and fulfill general corporate purposes.
What Is The Price Band Of Interiors And More IPO?

The price band of the company is INR 216-227 per share.
When will Interiors & More Limited's IPO be allotted?

The Basis of Allotment will happen on Wednesday, February 21, 2024.
When will Interiors & More Limited's IPO open for subscription?

The IPO subscription window will open on Thursday, February 15, 2024.
What minimum lot size can retail investors subscribe to?

The minimum lot size retail investors can subscribe to is 1 lot, and the lot size is 600 shares.
When will Interiors & More Limited list on exchanges?

Interiors & More Ltd IPO will be listed on the NSE Emerge on Friday, February 23, 2024.
What is the financial performance of Interiors and More Limited?

Company’s revenue increased by 153.09% and profit after tax increased by 467.64% between the financial year ending with March 31, 2023 and March 31, 2022.