66.53 crore IPO of Pace E-Commerce Ventures will open on September 29
Company per share Rs. 103 at a price of Rs. Will issue 64.59 lakh equity shares with face value of 10, plans to list on BSE SME Exchange
MUMBAI: The public issue of Pace E-Commerce Ventures Ltd, a one-stop solutions for children’s furniture, bedding, homewares and essentials, will open for subscription on September 29. The company has received approval to launch its public issue on BSE SME. Pace E-Commerce Ventures Ltd’s Rs. 66.53 crore public issue on BSE SME platform opens for subscription on September 29
The IPO will raise Rs. 66.53 crore is planned to be collected. Interactive Financial Services Limited is the lead manager of the issue. The public issue will close on October 4.
A new issue of 40 lakh equity shares in IPO and Rs. 10 will consist of an offer for sale of 24.59 lakh equity shares at a price per share of Rs. 103 (including premium of Rs. 93 per equity share) valued at Rs. 66.53 crores. The minimum lot size for application is 1,200 shares with a value per application of Rs. 1.23 lakhs. The retail allocation for the IPO is 50%. The promoter group’s holding in the company was 91.12% before the public issue, which will come down to 65% after the issue.
The proceeds of the public issue will be used to fund the company’s expansion plans. Rs. 9.73 crore was used for acquisition of plant and machinery, Rs. 20.86 crore for long term working capital requirement and Rs. 10 crore to be used for general corporate purposes.
Regarding this, Mr. Shaival Gandhi, Managing Director & CFO, Pace E-Commerce Ventures Limited said, “Coat & Candy, founded in 2015, has made great strides since its inception in Pune, India. When we started
Our passion to provide the ultimate in quality, comfort, safety and style has taken us to different parts of the world so Coat & Candy can offer products that are not only safe and comfortable, but also stylish, fun and tailored to your kids’ needs. is
We now serve customers across the country and are thrilled to be able to turn our passion into our own online store and provide you with an amazing experience. We hope that post the proposed public issue we will be able to execute our growth strategy in a manner that maximizes value creation for all stakeholders and delivers consistent quality products.”