Striders Impex Shares Open Soft on NSE SME, Trade 3% Below IPO Price

Striders Impex IPO Listing: A Lacklustre Debut

Market Performance Striders Impex made a lacklustre debut on March 6, listing at a nearly 3% discount on the NSE SME segment. The company's share price was listed at ₹70, down 2.78% from the initial public offering (IPO) price of ₹72.

IPO Details The ₹36-crore Striders Impex IPO garnered a tepid response, with bids for 44,72,000 shares as against 33,53,600 shares on offer, resulting in a 1.33 times subscription. The individual investor portion failed to be fully subscribed, closing with 78% bids. The non-institutional investor (NII) and qualified institutional buyer (QIB) quotas were booked 1.70 times and 2.03 times, respectively.

IPO Structure The Striders Impex IPO was a combination of a fresh issue of 0.45 crore shares worth ₹32.62 crore and an offer for sale (OFS) component of 0.05 crore shares worth ₹3.666 crore. The offer was available for bidding from February 26 to March 2, with the allotment finalised on March 4.

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Company Overview Striders Impex is engaged in the business of licensing, own brand development, and distribution of toys and kids' consumer merchandise. The company offers end-to-end solutions from product design and development to sourcing, manufacturing, and distribution, catering to retail formats across India and select international markets.

Use of Proceeds The company plans to use the proceeds from the fresh share sale to fund working capital needs, invest in subsidiaries, repay loans, and cover general corporate purposes.

IPO Price Band The IPO price band was fixed at ₹71 to ₹72 per share. Retail investors were required to invest a minimum of ₹2,30,400 to bid for at least two lots.

Book-Running Lead Manager and Registrar Capital Square Advisors is the book-running lead manager, and MUFG Intime India is the registrar of the issue.

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