(MENAFN- KNN India)
Mumbai, Jan 29 (KNN) Rexpro Enterprises, a Maharashtra-based furniture manufacturing company, witnessed a tepid debut on the National Stock Exchange's SME platform today.
The company's shares opened at Rs 117, marking a significant 19 percent discount from its initial public offering (IPO) price of Rs 145. The stock's performance further declined as it hit its lower circuit limit of 5 percent, settling at Rs 111.15.
The company, headquartered in Vasai, has established itself as a prominent supplier of furniture and fixtures to various retail segments, including fashion, lifestyle, electronics, grocery, beauty, and telecom.
Its impressive client portfolio includes leading brands such as Shoppers Stop, Samsung (through One RX India Private Limited), Hindustan Unilever, Lenskart, Marks & Spencer Reliance India Private Limited, and Godrej & Boyce Manufacturing Company Limited.
In recent years, Rexpro has expanded its operations to include commercial and institutional furniture, serving offices, hospitals, and government facilities, while also capitalising on the growing home furniture segment.
According to the company's Red Herring Prospectus, it has demonstrated robust financial growth over the past two years, with revenue growing at a CAGR of 53 percent, operating EBITDA at 149 percent, and PAT at 197 percent.
The company's SME IPO, which closed on January 24, raised Rs 53.65 crore through a combination of fresh issue and offer for sale.
The IPO had received strong investor interest during its subscription period from January 22 to January 24, achieving an overall subscription of 18 times, with the retail portion being oversubscribed by 27 times.
(KNN Bureau)
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