NSE SME Eleganz Interiors slides on debut

The scrip was listed at 122, a discount of 6.15% over the initial public offer (IPO) price. The stock was currently down 3.69% over its listing price.

The counter hit a high of Rs 122 and a low of Rs 115.90. About 9.13 lakh shares of the company changed hands at the counter.

Eleganz Interiors' IPO was subscribed 28.57 times. The issue opened for bidding on 7 February 2025, and it closed on 11 February 2025. The price band of the IPO was set at Rs 123 to Rs 130 per share.

The IPO comprised a fresh issue of 42,95,000 shares. The company intends to utilize the net proceeds for repayment of certain outstanding borrowings, utilization towards working capital requirements and general corporate purposes.

Ahead of the IPO, Eleganz Interiors on 6 February 2025, raised Rs 22.23 crore from anchor investors. The board allotted 17.10 lakh shares at Rs 15 per share to 130 anchor investor.

Eleganz Interiors is a growing company specializing in providing interior fit-out solutions for corporate and commercial spaces. The company's offerings include corporate offices, research and development facilities, laboratories, airport lounges, flexible workspaces, and commercial retail spaces. Eleganz Interiors is dedicated to delivering high-quality interior solutions, focusing on creating both attractive and functional spaces across India. As of 31 December 2024, the company had 63 permanent employees and had engaged 380 persons on a retainer basis.

The company recorded revenue from operations of Rs 80.76 crore and net profit of Rs 3.85 crore for the period as on 30 June 2024.