·       The offer will open on Wednesday, January 24, 2024, and close on Monday, January 29, 2024; Anchor book will open on Tuesday, January 23, 2024

·       IPO comprises of fresh issue of 29,10,000 Equity Shares with a face value of Rs. 10 each through the book-building route

·       Company plans to raise Rs. 20.37 crore from the issue; intends to utilise net proceeds to expand its retail store network, for general corporate purposes and public issue expenses

·       Beeline Capital Advisors Private Limited is the Book Running Lead Manager, and KFIN Technologies Limited is the registrar to the issue

AHMEDABAD, 20 JANUARY, 2024 (GPN): Fonebox Retail Limited (The Company), a popular mobile and consumer durables retailer in Gujarat, today announced that its Initial Public Offer (IPO) will open on Wednesday, January 24, 2024. The Anchor portion will be open on Tuesday, January 23, 2024, and the issue will conclude on Monday, January 29, 2024.

The company plans to raise approximately Rs. 20.37 crore from the offer and aims to be listed with NSE Emerge. The price band for the issue has been fixed at Rs. 66 – Rs. 70 per share. Bids can be made for a minimum of 2,000 equity shares.

Beeline Capital Advisors Private Limited is the Book Running Lead Manager, and KFIN Technologies Limited is the Registrar to the Issue.

The offer comprises a fresh issue of 29,10,000 Equity Shares with a face value of Rs 10/- through the book-building route. As many as 13,78,000 Equity Shares have been reserved for the QIB Quota, including Anchor Reservation, 4,16,000 Equity Shares for the HNI portion, 9,70,000 Equity Shares allocated for the Retail Quota and Market Maker Quota accounts for 1,46,000 Equity Shares.

The Ahmedabad-based company plans to utilise IPO proceeds to meet its working capital requirements, for general corporate purposes and public issue expenses. Fonebox Retail plans to invest Rs. 13.5 crore to expand its retail store network to more cities in Gujarat. The company proposes to spend the remaining capital on acquiring land to build corporate headquarters, hiring human resources in marketing and technical departments, servicing repayment obligations under existing and future financing arrangements and funding future growth opportunities.

The retailer sells smartphones and allied accessories from manufacturers like Vivo, Apple, Samsung, Oppo, Realme, Nokia, Narzo, Redmi, Motorola, LG and Micromax. The company also offers consumer durable electronic goods like laptops, washing machines, smart TVs, air conditioners and refrigerators from popular brands, including TCL, Haier, Lloyd, Daikin, Voltas, Mi, Realme and OnePlus in its multi-brand stores across Gujarat.

The company operates a large network of 143 multi-brand outlets under three brand names: Fonebox, Fonebook and MyMobile, in more than 20 cities across Gujarat. Of the total stores, 39 are Company Owned and Company Operated (COCO model) stores, and 104 stores are Franchise Owed and Company Operated (FOCO model).

Fonebox Retail is promoted by a group of dynamic and experienced entrepreneurs – Manishbhai Girishbhai Patel, Jigar Lallubhai Desai, Parth Lallubhai Desai, Jigneshkumar Dashrathlal Parekh and Amitkumar Gopalbhai Patel. The retailer commenced its operations in February 2021 under the brand ‘Fonebox’, and acquired two retail store brands ‘Fonebook’ and ‘MyMobile’ later that year.

The retailer posted a total revenue of Rs. 139.75 crore and a profit (PAT) of Rs. 1.55 crore in the first half of the current financial year ending September 30, 2023. Its revenue grew to Rs. 195.82 crore in FY2022-23, up from Rs. 90.90 crore in the previous financial year. In FY2022-23, Fonebox Retail reported a profit (PAT) of Rs. 1.59 crore, compared to Rs. 12.79 Lakh in FY2021-22.

For more information, please visit: https://www.fonebook.in/

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