Mish Designs IPO: Check GMP, subscription status on day 1, other key details

The face value of the equity shares is ₹10 each and the issue price is 12.20 times the face value. 

Mish Designs manufactures clothing in India under the “MISH” and “CURVES BY MISH” brands. Currently, the business exports its goods to the United Arab Emirates using the “ZOEY” brand. To satisfy the various needs of its clientele, the business provides a selection of more than a thousand contemporary styles. Women’s wear products from the company include dresses, tops, co-ords, t-shirts, trousers and palazzos.

The company’s promoters are Sajan Bhartia and Kaushal Goenka.

As per the Red Herring Prospectus (RHP), Mish Designs IPO (with P/E of 21.75) listed peers are Aditya Birla Fashion and Retail Ltd, Go Fashion (India) Ltd (with P/E of 85.37), and Kewal Kiran Clothing Ltd (with P/E of 37.51).

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Mish Designs IPO details

Mish Designs IPO, which is worth ₹9.76 crore, is completely a fresh issue of 8,00,000 equity share; there is no offer for sale (OFS) component, according to Red Herring Prospectus (RHP).

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The company intends to use the issue’s net proceeds to finance the following goals: general corporate purposes; branding and marketing campaigns; and working capital requirements.

The registrar of the Mish Designs IPO is Kfin Technologies Limited, while the book running lead manager is Aryaman Financial Services Limited. Nikunj Stock Brokers is the Mish Designs IPO market maker.

Mish Designs IPO Subscription Status

Mish Designs IPO subscription status was 4.88 times on day 1, so far. The issue received positive response from retail investors who’s portion set was subscribed 8.50 times, and overwhelming response from non-institutional buyers who’s portion set was subscribed 1.26 times, according to data on chittorgarh.com. 

The company has received bids for 35,25,000 shares against 7,22,000 shares on offer, at 18:03 IST, according to data on chittorgarh.com.

Also Read: Mamaearth IPO closes with lukewarm response on day 1; issue subscribed 12%

Mish Designs IPO GMP today

Mish Designs IPO GMP today or grey market premium is +50. This indicates Mish Designs share price were trading at a premium of ₹50 in the grey market on Tuesday, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Mish Designs share price was indicated at ₹172 apiece, which is 40.98% higher than the IPO price of ₹122.

‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

Also Read: Cello World IPO fully booked on day 2, subscribed 1.21 times so far; NIIs steal the show

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Updated: 31 Oct 2023, 06:12 PM IST