Fonebox Retail Limited, a popular mobile and consumer durables retailer in Gujarat, will enter the market as its IPO will open on Wednesday, January 24, 2024. The Anchor portion will be open on Tuesday, January 23, 2024, and the issue will conclude on Monday, January 29, 2024. The company plans to raise approximately Rs. 20.37 crore from the offer and aims to be listed with NSE Emerge. The price band for the issue has been fixed at Rs. 66 – Rs. 70 per share. Bids can be made for a minimum of 2,000 equity shares.
Beeline Capital Advisors Private Limited is the Book Running Lead Manager, and KFIN Technologies Limited is the Registrar to the Issue. The offer comprises a fresh issue of 29,10,000 Equity Shares with a face value of Rs 10/- through the book-building route. As many as 13,78,000 Equity Shares have been reserved for the QIB Quota, including Anchor Reservation, 4,16,000 Equity Shares for the HNI portion, 9,70,000 Equity Shares allocated for the Retail Quota and Market Maker Quota accounts for 1,46,000 Equity Shares.
The Ahmedabad-based company plans to utilise IPO proceeds to meet its working capital requirements, for general corporate purposes and public issue expenses. Fonebox Retail plans to invest Rs. 13.5 crore to expand its retail store network to more cities in Gujarat. The company proposes to spend the remaining capital on acquiring land to build corporate headquarters, hiring human resources in marketing and technical departments, servicing repayment obligations under existing and future financing arrangements and funding future growth opportunities.
The retailer sells smartphones and allied accessories from manufacturers like Vivo, Apple, Samsung, Oppo, Realme, Nokia, Narzo, Redmi, Motorola, LG and Micromax. The company also offers consumer durable electronic goods like laptops, washing machines, smart TVs, air conditioners and refrigerators from popular brands, including TCL, Haier, Lloyd, Daikin, Voltas, Mi, Realme and OnePlus in its multi-brand stores across Gujarat.
The company operates a large network of 143 multi-brand outlets under three brand names: Fonebox, Fonebook and MyMobile, in more than 20 cities across Gujarat. Of the total stores, 39 are Company Owned and Company Operated (COCO model) stores, and 104 stores are Franchise Owed and Company Operated (FOCO model).
