Grill Splendor Services’ IPO, which opened for subscription from April 15 to 18, received a lukewarm response, with the issue being subscribed 8.68 times overall.
The company intends to utilize the net proceeds from the new issue to repay outstanding loans, finance working capital, and cover general corporate expenses. Inventure Merchant Banker Services Pvt Ltd served as the book running lead manager for the IPO, while Bigshare Services Pvt Ltd acted as the registrar.
The GMP (grey market premium) for Grill Splendor Services shares stood at +8, suggesting that investors were willing to pay a premium of 8 above the issue price in the grey market. This indicates that the shares are expected to list at approximately 128 per share, a 6.67% premium over the IPO price.
Despite the muted debut, Grill Splendor Services remains committed to its mission of restoring the quality and brilliance of the Birdy’s Bakery & Patisserie brand, which it acquired from WAH Restaurants Private Limited.
