Birdy’s IPO is a fixed price issue of ₹16.47 crores, comprising entirely of a fresh issue of 1,372,800 shares priced at ₹120 per share. The IPO subscription period is from April 15, 2024, to April 18, 2024, with the allotment expected to be finalized on April 19, 2024. The listing on NSE SME is tentatively scheduled for April 23, 2024.
**Offering Details:**
– Face Value: ₹10 per share
– Lot Size: 1200 shares
– Total Issue Size: 1,372,800 shares
– Issue Type: Fixed Price Issue IPO
– Listing Exchange: NSE SME
**Investment Requirements:**
– Minimum Application: 1 lot (1200 shares) for ₹144,000 (retail investors)
– HNI Minimum: 2 lots (2400 shares) for ₹288,000
**Key Players:**
– Book Running Lead Manager: Inventure Merchant Banker Services Pvt Ltd
– Registrar: Bigshare Services Pvt Ltd
– Market Maker: Rikhav Securities
**Reservation Details:**
– The IPO offers 1,372,800 shares, with 47.47% reserved for both Non-Institutional Investors (NII) and Retail Individual Investors (RII).
– Market Maker portion: 69,600 shares (5.07%)
– Total Shares Offered: 1,372,800 (100%)
**Timeline:**
– IPO opens: April 15, 2024
– IPO closes: April 18, 2024
– Allotment: April 19, 2024
– Refund initiation: April 22, 2024
– Share credit to Demat: April 22, 2024
– Listing Date: April 23, 2024
**Promoter Holding:**
– Pre-Issue Shareholding: 49.75%
– Post-Issue Shareholding: 36.64%
**About Birdy’s:**
Birdy’s is a Mumbai-based chain of gourmet bakeries and patisseries established in November 2019, with 17 retail outlets, a central manufacturing facility, and corporate clients. The company specializes in cakes, pastries, food products, beverages, and desserts.
**Financial Performance:**
– Revenue increased by 32.92% and profit after tax (PAT) rose by 5654.34% between March 31, 2023, and March 31, 2022.
– Key Performance Indicators (KPIs) as of November 30, 2023:
– Debt/Equity: 1.5
– Return on Net Worth (RoNW): 12.46%
– Price to Book Value (P/BV): 9.3
– Profit After Tax (PAT) Margin: 6.96%
**Objects of the Issue:**
The proceeds from the IPO will be used to fund additional working capital requirements, pre-payment/repayment of outstanding borrowings, and general corporate purposes.
**IPO Review:**
Some analysts caution against the IPO, citing aggressive pricing and concerns over profitability sustainability.
**Subscription Status:**
As of April 15, 2024, 11:35:59 AM (Day 1), the IPO was subscribed 0.48 times, with 0.88 times subscription in the retail category and 0.08 times in the NII category, totaling 6,25,200 shares bid for out of 13,03,200 shares offered.
