Greenchef Appliances IPO to open on June 23; to list on NSE Emerge

Kitchen solutions provider Greenchef Appliances on Tuesday said it has fixed a price band of Rs 82-87 a share for its initial public offering, which will open on June 23.

The initial public offering (IPO) will conclude on June 27. The bidding for anchor investors will open on June 22. The shares of the company will be listed on NSE Emerge, a platform for small and medium enterprises, the company said in a statement. The initial share sale comprises a fresh issue of more than 61.63 lakh shares. At the upper end of the price band, the company is looking to raise Rs 53.62 crore through its initial share sale offer. Proceeds from the IPO will be utilised towards funding capital expenditure towards installation of additional plant and machinery, construction of factory building, working capital requirements and general corporate purpose.

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Greenchef Appliances is a kitchen solutions provider and engaged in the business of manufacturing and marketing kitchen appliances under 20 categories. The company has five manufacturing units of which four are located in Karnataka and one in Himachal Pradesh. The company’s revenue from operations in the first nine months of financial year 2022-23 stood at Rs 254.82 crore and net profit at Rs 10.21 crore, the statement said. The book running lead manager to the IPO is Hem Securities, it added.