On Door Concepts, a Madhya Pradesh-based retailer specializing in groceries and household products launched its initial public offering (IPO) on Monday. The firm aims to raise Rs 31.18 crore ($4.2 million) by issuing 14.98 lakh shares priced at Rs 208 each. The IPO, which will run until Friday, received a subscription of 0.30 times on the first day, led by retail investors at 0.55 times. The company's promoters' stake will decrease to 38.14% following the IPO. First Overseas Capital and Bigshare Services are managing the issue and registration respectively.
Established in January 2015, On Door Concepts currently operates 55 outlets, including 17 company-owned company-operated (COCO) stores. The funds raised from the IPO will be used for working capital needs and other corporate requirements.
In related news, RDCEL, a re-commerce subsidiary of Rockingdeals Group, announced plans for an IPO aimed at raising Rs 25 crore ($3.4 million). This follows a pre-IPO round where RDCEL raised Rs 4.80 crore ($650,000). The firm is targeting a listing on NSE Emerge by November 2023, with plans to offer 15 lakh equity shares at a face value of Rs 10 each.
The proceeds from the IPO will be utilized for working capital requirements, brand enhancement, marketing efforts, and other corporate needs. Expansion into North-East India was confirmed by Managing Director Aman Preet. Corporate Capital Ventures and Bigshare Services have been appointed for book running and registration duties.
RDCEL mainly sources for the Rockingdeals Retail network and works with major e-commerce players and brands for surplus inventory sourcing. The company procures products in bulk and supplies to clients such as Shopclues and Jindal Mega Mart. In a recent move, RDCEL issued preferential equity shares as part of its corporate strategy.
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