The initial public offer (IPO) of Forcas Studio received bids for 1,29,85,68,000 shares as against 46,80,000 shares on offer. The issue was subscribed 277.47 times.
Retail investors bid for 64,73,44,000 shares, non-institutional investors bid for 46,85,07,200 shares and qualified institutional investors bid for 18,27,16,800 shares.
The issue opened for bidding on 19 August 2024 and it closed on 21 August 2024. The price band of the IPO was set at Rs 77 to Rs 80 per share. The equity shares will list on NSE's SME platform.
The IPO comprised fresh issue of 46,80,000 equity shares. The promoter and promoter group shareholding diluted to 60.30% from 82.17% pre-issue.
The company intends to utilize the net proceeds for upgradation of warehouse, prepayment or repayment of all or a portion of certain loans availed by the company, to meet working capital requirement, and general corporate purpose.
Ahead of the Forcas Studio on 16 August 2024, raised Rs 10.64 crore from anchor investors. The board allotted 13.31 lakh shares at Rs 80 per share to 7 anchor investors.
Forcas Studio specializes in menswear, offering a wide range of garments including shirts, denims, t-shirts, trousers, cotton pants, sportswear, party wear, fashion wear, and boxers. The company’s business includes manufacturing and selling menswear under the brand names FTX, Tribe and Conteno. It operates pan-India through both online and wholesale channels, featuring its own brands as well as providing white-label services for other prominent brands. The firm distributes its products through major online e-commerce platforms. As on 29 February 2024, the company has 68 employees.
The company recorded revenue from operations of Rs 96.07 crore and net profit of Rs 5.14 crore for the period as on 29 February 2024.