Neelam Linens and Garments IPO Receives Overwhelming Response, Subscribed 91.97x on Final Day

Neelam Linens and Garments IPO Overview

Neelam Linens and Garments’ IPO opened for subscription on Friday, November 8th, and closed on November 12th, as per schedule. The price band was set between ₹20 to ₹24 per share, with a face value of ₹10 each.

Subscription Details

On its last day, the IPO was oversubscribed by 91.97x as of 5:00 PM on November 12th. The breakdown of the subscription status was as follows:

• Qualified Institutional Buyers (QIB): Subscribed 15.40x
• Non-Institutional Investors (NII): Subscribed 273.47x
• Retail Individual Investors (RII): Subscribed 57.82x

The company received bids for 33,16,32,000 shares against an offer size of 36,06,000 shares. On previous days, the IPO had been subscribed 2.72x on its first day and 8.90x on the second day.

About Neelam Linens and Garments

Established on September 22, 2010, Neelam Linens and Garments Ltd is a Maharashtra-based manufacturer and exporter specializing in high-end home soft furnishings. The company is recognized as the first Indian firm to introduce high-thread-count bedding products. Its diverse product line includes bedsheets, pillowcases, duvet covers, towels, rugs, doilies, shirts, and garments, catering to both domestic and international markets, such as the USA, Australia, and the Far East. Major domestic clients include Amazon, Meesho, Amerson’s Shop, and Vijay Sales. Additionally, the company generates revenue from the sale of import licenses, which are essential for importing restricted items that require government authorization.

Financial Performance For the fiscal period ending December 31, 2023, and the fiscal years ending March 31, 2022, and 2021, the company’s revenue stood at ₹5,922.12 lakhs, ₹10,356.30 lakhs, ₹10,152.67 lakhs, and ₹7,819.71 lakhs, respectively. In FY24, Neelam Linens reported revenue of ₹104.74 crore, slightly lower than ₹105.41 crore in FY23. The company posted a profit of ₹2.46 crore in 2024, compared to ₹2.38 crore in 2023.

Grey Market Premium (GMP)

As of Tuesday, November 12th, the grey market premium for Neelam Linens and Garments IPO stood at ₹0, indicating that the shares were trading at their issue price of ₹24 with no premium.

The strong subscription numbers reflect robust market interest, suggesting optimism about the company’s growth prospects in the high-end home furnishing and export sector.