Purple United Sales Lists On NSE SME Platform At 58 Pc Premium
Date
12/18/2024 2:09:51 PM
(MENAFN- KNN India)
New Delhi, Dec 18 (KNN) Purple United Sales, a children's fashion brand, made a remarkable market entry today, listing on the NSE SME platform at Rs 199 per share - a substantial 58 percent premium over its initial issue price of Rs 126.
The company's Stock market debut, while impressive, slightly underperformed grey market expectations that had anticipated a 64 percent premium.
The public offering, valued at Rs 32.8 crore and consisting entirely of a fresh issue, garnered exceptional investor enthusiasm.
The initial public offering (IPO) was oversubscribed a remarkable 160 times, with non-institutional investors leading the charge by purchasing 270 times their allotted quota.
Retail investors followed suit, acquiring 155 times their designated portion, while qualified institutional buyers (QIBs) secured 86 times their reserved allocation.
Established in 2014, Purple United Sales has positioned itself as a comprehensive children's fashion brand.
The company's 'Purple United Kids' line provides clothing, footwear, and accessories for children aged 0-14 years, with a distinctive focus on laboratory-tested products.
Their strategic approach encompasses design, development, sourcing, marketing, and distribution across infant, toddler, and children's segments.
The proceeds from the public offering are earmarked for strategic expansion, including opening new retail stores, addressing working capital requirements, and supporting general corporate objectives.
This financial strategy underscores the company's commitment to growth and market penetration in the competitive children's fashion landscape.
(KNN Bureau)
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