Commercial interior solutions provider Eleganz Interiors Limited is stepping into the public markets with a ₹78.07 crore IPO through a fresh issue of 60.05 lakh shares. The company’s subscription window opens February 7, 2025, marking a significant milestone in its journey toward an NSE SME platform listing, as businesses continue to invest in modernizing their workspaces.
Setting an accessible price band of ₹123-130 per share (face value ₹10), the company offers an entry point for investors looking to participate in the commercial interior space. Retail investors can join with a minimum investment of ₹130,000 for a 1,000-share lot, while HNIs can participate with a two-lot minimum of ₹260,000. As the February 11 subscription deadline approaches, astute investors might want to evaluate this emerging player in India's growing commercial infrastructure sector before its Valentine's Day market debut.
Eleganz Interiors Limited IPO is a fundraise worth ₹78.07 crores comprising purely of a fresh issue with 301,000 shares reserved for the market maker Rikhav Securities Limited. Qualified Institutional Buyers are being offered not more than 50% of the net issue, retail investors are being offered not less than 35% of the net issue and Non-Institutional Investors (NIIs) / High Net-worth Individuals (HNIs) are being offered not less than 15% of the net issue. The IPO will be available for subscription from February 7, 2025, to February 11, 2025, providing an opportunity for investors looking to gain a stake in the company.
| Eleganz Interiors IPO date | February 7, 2025 - February 11, 2025 |
| Price band / Fixed price | ₹123 to ₹130 per share |
| Face value | ₹10 per share |
| Lot size | 1000 shares |
| Issue type | Book Built Issue IPO |
| Fresh issue size | 60,05,000 shares amounting to ₹78.07 crores |
| Total issue size | 60,05,000 shares amounting to ₹78.07 crores |
| Listing at | NSE SME |
| Market maker portion | 301,000 - Rikhav Securities Limited |
| Shareholding post-issue | 2,25,99,626 shares |
| Shareholding pre-issue | 1,65,94,626 shares |
The Eleganz Interiors Limited IPO opens for subscription on February 7, 2025, and closes on February 11, 2025, with allotment scheduled for February 12, 2025.
| IPO open date | February 7, 2025 (Friday) |
| IPO close date | February 11, 2025 (Tuesday) |
| Basis of allotment | February 12, 2025 (Wednesday) |
| Initiation of refunds | February 13, 2025 (Thursday) |
| Credit of shares to Demat account | February 13, 2025 (Thursday) |
| Listing date on BSE / NSE SME | February 14, 2025 (Friday) |
| Cut-off time for UPI mandate confirmation | 5 PM on February 11, 2025 (Tuesday) |
Eleganz Interiors Limited, established in 1996, has evolved into a comprehensive interior solutions provider specializing in corporate and commercial spaces. With a talented workforce of 63 permanent employees and 380 retainers, including engineers, architects, and designers, the company delivers sophisticated fit-out solutions for diverse spaces ranging from corporate offices and R&D facilities to airport lounges and retail spaces. Their track record includes the successful completion of over 200 projects spanning more than 45 lakh square feet, with an active order book of 47 ongoing projects across 12 cities.
The company's business model is built around two core service offerings: Design & Build services, which provide end-to-end solutions from conceptualization to post-project support, and General Contracting services, encompassing civil, mechanical, and electrical work with final refinements. Their expertise in securing and executing domestic tenders from major corporations and international consultants, combined with their commitment to quality and timely delivery, has established them as a significant player in India's commercial interior solutions sector.
The Company plans to use the funds raised from the Issue for repaying part or all of its borrowings, addressing working capital needs, and covering general corporate expenses.
The Eleganz Interiors Limited IPO’s key performance indicators, as on March 31, 2024, reflect the company's financial health with a Return on Equity of 26.96%, Return on Capital Employed (ROCE) at 24.23% and a Debt-to-Equity ratio of 0.83. The Return on Net-Worth (RoNW) stands at 26.96%, and the PAT Margin was 5.52%. The company’s market capitalisation is ₹293.80 crores.
| Period Ended | September 30, 2024 | March 31, 2024 | March 31, 2023 | March 31, 2022 |
| Assets | 233.99 | 172.12 | 116.19 | 103.03 |
| Revenue | 192.40 | 223.09 | 191.17 | 155.34 |
| Net Worth | 9.53 | 12.21 | 10.31 | 5.09 |
| Profit After Tax | 70.9 | 51.37 | 39.16 | 28.85 |
| Reserves & Surplus | 54.31 | 36.01 | 38.20 | 27.89 |
| Total Borrowing | 31.70 | 42.80 | 28.23 | 22.62 |
Amount in ₹ crores
The pre-IPO EPS is at ₹7.36 while the post-IPO EPS will be ₹8.44. Similarly, the pre-IPO Price to Earnings ratio is 17.67 and will become 15.41 post-IPO.
Eleganz Interiors boasts a strong foundation built on their experienced and qualified team of 155 designers and engineers, who have successfully completed over 200 projects covering more than 45 lakh square feet. The company maintains a significant presence across major economic hubs in India, including Mumbai, Bengaluru, Hyderabad, and other key cities, with a dedicated manufacturing facility in Mumbai and warehouses in multiple locations. Their in-house woodwork facility ensures quality control and optimized supply of fit-outs for projects.
The company has demonstrated its capability through a diverse order book worth ₹70,589.66 lakh as of December 2024, spanning various industries and project types. Their expertise extends across Design & Build and General Contracting services, supported by a professional management team with strong domain expertise. The company's commitment to quality is evidenced by their ISO certification and focus on sustainable development practices, which has helped them maintain long-term relationships with clients.
A significant vulnerability lies in the company's heavy dependence on a limited number of repeat clients, making them susceptible to revenue fluctuations if key clients are lost. The business is also notably labor-intensive, requiring both skilled and unskilled workers, which exposes them to risks related to labor supply disruptions and cost management. Additionally, their reliance on third-party suppliers for raw materials and finished products, without any exclusive arrangements, makes them vulnerable to supply chain disruptions and price volatility.
The company faces challenges with working capital intensity and project execution risks, where delays can lead to cost overruns and impact their financial stability. Their geographical concentration in Maharashtra exposes them to regional economic and regulatory risks, despite having a diversified presence. The company also faces operational risks due to their dependence on outsourced services for transport, logistics, and certain manufacturing activities, while their need to provide bank guarantees for projects adds another layer of financial complexity and risk.
Investing early in Eleganz Interiors Limited offers an opportunity to be part of the company’s growth in the commercial interior solutions segment. However, potential investors should thoroughly evaluate factors such as the company’s operational history, financial stability, industry trends, and growth strategy. Additionally, it is essential to align the investment with personal objectives and risk tolerance. Reviewing the offer document and seeking professional advice is strongly recommended to make an informed decision before participating in the IPO.
What is the Eleganz Interiors Limited IPO?
The Eleganz Interiors Limited IPO is an NSE SME offering consisting of 60.05 lakh equity shares with a face value of ₹10 per share, aiming to raise ₹78.07 crores. The price band has been set between ₹123 to ₹130 per share, with a minimum order quantity of 1,000 shares. This IPO will be open for subscription from February 7, 2025, to February 11, 2025. Vivro Financial Services Private Limited is the book-running lead manager, Bigshare Services Private Limited is the registrar while Rikhav Securities Limited is the market maker.
When will the Eleganz Interiors IPO open?
The Eleganz Interiors Limited IPO will open for subscription on February 7, 2025, and will close on MONTH February 11, 2025.
When is the Eleganz Interiors IPO listing date?
The tentative listing date for the Eleganz Interiors Limited IPO is Friday, February 14, 2025.
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