Nanavati Ventures is all set to open its Initial Public Offering (IPO) on 25 April, 2022. The public issue will remain open for subscription till 27 April, 2022. The company plans to raise Rs 2.18 crore from the offer.
The Nanavati Ventures IPO price band has been fixed at Rs 50 per equity share. The promoters of the wholesale diamond trading company have stated that the public issue will be listed at the BSE Small and Medium Enterprises (SME) Exchange. A total of 4,36,000 equity shares will be offered in the public issue. The face value of the shares is Rs 10 per equity.
One lot of the public issue consists of 3,000 equity shares. Retail investors can apply for only a single lot of the Nanavati Ventures IPO. This means that investors will have to shell out Rs 1.5 lakh for one lot of the diamond trading company’s equity shares. For more details related to the IPO, check Nanavati Ventures’ prospectus here.
Meanwhile, the BSE website mentions that “Retail Individual Investors shall have UPI as an additional payment mechanism with Application Supported by Blocked Amount (ASBA) for making payments.” The website has also notified 28 April (from 10 am to 1 pm) as the cut-off time for UPI mandate confirmation to the bidders. However, all other categories of investors can use only Application Supported by Blocked Amount (ASBA) facility for payments.
The tentative date for allotment of shares is 2 May, 2022, while the Nanavati Ventures shares are expected to be listed on the stock market on 6 May, 2022. The largest RTA and a market leader in the financial sector – KFin Technologies Limited is the official registrar for the IPO.
The company will use the funds generated from the public issue for meeting its working capital expenses, general corporate purposes and meeting public expenses.
