Grill Splendour Services made its debut on the NSE SME platform today with a relatively subdued performance. The share price opened at ₹121.30, reflecting a modest increase of 1.08% compared to the issue price of ₹120.
The upmarket bakery and patisserie franchise, Grill Splendour Services, recently concluded its IPO subscription period, which ran from April 15 to April 18. The IPO garnered significant investor interest, with the subscription status reaching 8.68 times by the end of day 3. Notably, the retail portion was oversubscribed 12.78 times, while the NII portion was subscribed 4.59 times.
Grill Splendour Services Ltd offered a total of 1,372,800 equity shares through the IPO, valued at approximately ₹16.47 crore. This comprised entirely of a new issue of shares, with no offer-for-sale component. The company’s promoters include Vivek Vijaykumar Sood, Vandana Srinidhi Rao, and Srinidhi V. Rao.
The net proceeds from the IPO, estimated at around ₹16.47 crore, are intended for various purposes, including loan repayment, financing additional working capital requirements, general corporate purposes, and covering offer expenses.
Inventure Merchant Banker Services Pvt Ltd acted as the book running lead manager for the IPO, while Bigshare Services Pvt Ltd was appointed as the registrar. Rikhav Securities facilitated the market-making activities for the IPO.
As per reports, the grey market premium (GMP) for Grill Splendour Services IPO stood at +8. This implies that the shares were trading at a premium of ₹8 in the grey market, indicating investor confidence and willingness to pay more than the issue price.
Analysts project that the shares may list at around ₹128 per share, representing a 6.67% increase over the IPO price of ₹120, considering the top end of the pricing range and the current premium observed in the grey market.
In essence, the “grey market premium” reflects investors’ sentiment and their willingness to pay a premium for shares even before they are officially listed on the stock exchange.
