PRO FX Tech IPO: The initial public offering (IPO) of AV products distributor — PRO FX Tech, which kicked off for subscription on Thursday, June 26, managed to sail through on the first day of the bidding process, led by strong demand from the qualified institutional buyers (QIBs).
PRO FX Tech IPO Details
The three-day public offer of PRO FX Tech is an SME issue, with the company looking to raise nearly ₹40 crore via the initial share sale. The public offer will close for subscription on June 30, with allotment of shares likely on July 1 and listing expected on July 3 on the NSE SME.
PRO FX Tech IPO is entirely a fresh issue of 46.32 lakh shares. The issue is priced in the range of ₹82 to ₹87 per share. The minimum lot size for PRO FX Tech IPO is 1600 shares, requiring a minimum investment of ₹1,31,200 by the retail investors.
The company plans to use the IPO proceeds for repayment of certain borrowings, funding capex towards setting up three new showrooms, meeting working capital requirements and for general corporate purposes.
PRO FX Tech IPO Subscription Status
As of 1.15 pm on the first day of the bidding process, PRO FX Tech IPO’s subscription status stood at 1.12 times. The retail portion was booked 0.05 times, the NII portion was subscribed 0.56 times, and the QIB portion received 3.41 times bids.
Overall, PRO FX Tech IPO received 34,36,800 share bids as against 30,75,200 shares on offer.
PRO FX Tech IPO GMP
The grey market trend for the PRO FX Tech IPO was weak as the grey market premium or GMP was nil. PRO FX Tech IPO GMP stood at ₹0 on Thursday, indicating no premium or discount on the IPO price of the company shares in the grey market. At this level, PRO FX Tech IPO shares could list at the upper price band of ₹87 apiece.
About the company
Established in 2006, PRO FX Tech is engaged in the distribution of AV (Audio-Video) products, including amplifiers & processors, turn-tables, audio streamers, speakers, subwoofers, sound bars, and cables.
Apart from distribution, the company is also engaged in designing and implementing customised AV solutions for home theatres, premium home automation, multi-room audio systems, and bespoke AV solutions for corporate customers.
The company sells products to brands like Denon, Polk, and JBL, providing distribution rights to ensure access to the latest AV innovations and high-quality international products.
Currently, it operates six showrooms and two experience centres across five cities in India.
Hem Securities Limited is the book-running lead manager of the PRO FX Tech IPO, while Cameo Corporate Services Limited is the registrar for the issue.
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