Autofurnish IPO Sees Subdued Demand on Day One

Autofurnish IPO Opens for Subscription on May 21

The initial public offering (IPO) of Autofurnish, a leading manufacturer of automotive accessories, opened for subscription on May 21. The IPO will close on Monday, 12 May, with a price band set at ₹41 per share. The company aims to raise ₹15 crore from this issue, which is entirely a fresh issue of 36 lakh shares.

The IPO allotment is expected on Tuesday, 26 May, while successful applicants are likely to receive their shares on Wednesday, 27 May. Refunds for non-allottees will also be processed on the same day. The stock is scheduled to list on BSE SME with a tentative listing date of Friday, 29 May.

The proceeds from the issue will be mainly used for working capital requirements and general corporate purposes. Investors can apply for a minimum of 3,000 shares (1 lot), translating into a minimum investment of ₹2.46 lakh for retail investors (6,000 shares, 2 lots). Novus Capital Advisors is the book-running lead manager to the issue, while Skyline Financial Services is acting as the registrar. NDA Securities is the market maker for the IPO.

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The investor sentiment toward the IPO is muted, as KSH International's grey market premium (GMP) is ₹0 on May 21. This suggests that the stock is likely to debut at ₹41, the same as the IPO price.

The company has received bids for 6.30 lakh shares against 33.81 lakh shares on offer.

Autofurnish, incorporated in 2015, is engaged in the manufacturing and trading of automotive accessories, primarily serving the business-to-business (B2B) market. The company offers a wide range of products, including car body covers, foot mats, and various automotive utility accessories under its “Autofurnish” and “Mototrance” brands.

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The company has also expanded its presence in the business-to-consumer (B2C) segment through digital and e-commerce channels. Its subsidiary, Golden Mace, operates across online platforms such as Amazon, Flipkart, Zepto, and the company’s own website to cater directly to retail consumers.

Apart from automotive accessories, the company manufactures motorcycle riding products and utility items, including riding gear, polishing pads, and towel cloths. Autofurnish further stated that its manufacturing facilities are backed by multiple quality and safety certifications, including ISO, IATF, and GMP standards related to quality management, operational safety, and sustainability practices.