Grocery and household products retailer, On Door Concepts, made its debut on the National Stock Exchange's (NSE) Small and Medium Enterprises (SME) platform on Wednesday. The Madhya Pradesh-based company listed at ₹214, marking a slight premium over its initial public offering (IPO) price of Rs 208. However, the stock later fell to ₹203.30.
The IPO ran from October 23-27 and raised ₹31.18 crore ($4.1 million), with investors purchasing up to 78.71 lakh equity shares against a fresh issue of around 15 lakh shares. Notably, the IPO did not include an offer-for-sale component. Retail and high net-worth investors showed significant interest in the offering.
The funds raised through the IPO are intended for working capital needs and other corporate purposes. Following the IPO, the stake held by the promoter group has been reduced to 38.14%. The issue management was handled by First Overseas Capital, while Bigshare Services oversaw the registration process.
As of March 2023, On Door Concepts operates 55 stores across various cities in Madhya Pradesh, including 17 Company-Owned Company-Operated (COCO) stores and others under a franchisee model. The company's journey began with the opening of its first store in Bhopal in January 2015.
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