Interiors & More
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 15 Feb 2024 – 20 Feb 2024
- Listing date
- 23 Feb 2024
- Face value
- ₹10 per share
- Issue price
- ₹227 per share
- Lot size
- 600 shares
- Total issue size
- ₹42 Cr
- Market cap at offer price
- ₹159 Cr
- Promoter holding
- 95.08% → 69.93% pre-issue → post-issue
- ISIN
- INE0OPC01015
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Gretex Corporate Services Ltd.
- Registered office
- Office No.7, Ground Floor, Kumtha Street, off Shahid Bhagat Singh Road-Ballard Estate, Fort, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 5,26,200 | — | — |
| Market maker | 93,000 | — | — |
Application size
Minimum 600 shares per lot, in multiples, at ₹227
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,36,200 |
| S-HNI (min) | 2 | 1,200 | ₹2,72,400 |
| S-HNI (max) | 7 | 4,200 | ₹9,53,400 |
| B-HNI (min) | 8 | 4,800 | ₹10,89,600 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 11.52 | 6.76 |
| P/E (×) | 19.70 | 33.58 |
| Price to book (×) | 11.74 | — |
| Market cap | — | ₹159 Cr |
Key performance indicators
- Return on net worth
- 59.57%
- ROCE
- 75.58%
- Debt / equity
- 1.45
- PAT margin
- 23.85%
- NAV per share
- ₹58.03
- Price to book
- 11.74
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Interiors & More
Interiors & More Limited, incorporated in 2012, initially started as a trader of imported artificial flowers and has evolved into a manufacturer with an in-house production unit. The company was originally a Private Limited entity that converted to Public Limited in January 2023. The company manufactures and trades in artificial flowers, plants, and decorative items including vases, planters, wedding props, lights, furniture, fabric, chandeliers, candles, and fragrance products. In 2021, the company established a manufacturing unit at Plot No. 301/1, II Phase, GIDC, Umargam, District Valsad, Gujarat, equipped with machinery and quality assurance equipment. The business model involves in-house manufacturing, assembly of component parts into finished goods, and trading of finished products. The company sources raw materials from both domestic and international suppliers and caters to businesses of all sizes.
Company Analysis
from DRHPInteriors & More Limited is a manufacturer and trader of high-quality artificial flowers, plants, and decorative materials serving homes, businesses, events, and weddings across India.
Interiors & More Limited, incorporated in 2012, initially started as a trader of imported artificial flowers and has evolved into a manufacturer with an in-house production unit. The company was originally a Private Limited entity that converted to Public Limited in January 2023. The company manufactures and trades in artificial flowers, plants, and decorative items including vases, planters, wedding props, lights, furniture, fabric, chandeliers, candles, and fragrance products. In 2021, the company established a manufacturing unit at Plot No. 301/1, II Phase, GIDC, Umargam, District Valsad, Gujarat, equipped with machinery and quality assurance equipment. The business model involves in-house manufacturing, assembly of component parts into finished goods, and trading of finished products. The company sources raw materials from both domestic and international suppliers and caters to businesses of all sizes.
Objects of the Issue
- Repayment Pre Payment of certain debt facilities 450.00 lakhs p.25
- Working Capital Requirements 2,500.00 lakhs p.25
- General Corporate Purpose p.25
- Repayment/Prepayment of Certain Debt Facilities ₹450.00 Lakhs p.78
- Working Capital Requirements ₹2,500.00 Lakhs p.79
- General Corporate Purposes [●] p.80
- —
- Repayment of borrowings
- General corporate purposes
Issue Structure
- Total Issue
- ₹[●] Lakhs
- Fresh Issue
- Upto 18,50,000 Equity Shares of face value ₹10.00 each at ₹[●] per Equity Share (including premium of ₹[●] per Equity Share) aggregating to ₹[●] Lakhs
- Offer for Sale
- Nil
- Price Band
- ₹[●] (Floor Price) to ₹[●] (Cap Price)
- Lot Size
- [●] and in multiples of [●] thereafter; subject to a minimum allotment of [●] Equity Shares
- Face Value
- ₹10.00 per Equity Share
Business Model
The company earns revenue through manufacturing and trading of artificial flowers, plants, and decorative materials. It operates on a purchase order basis, manufacturing products based on customer specifications. The business involves in-house manufacturing (since 2021), assembly of various component parts into finished goods, and trading of finished goods. Products are sold to businesses and consumers for wedding, event, office decoration, and home décor applications.
Business Segments
SWOT Analysis
- • Established market presence with over a decade of customer service(p.25)
- • Diversified product portfolio beyond artificial flowers(p.25)
- • In-house manufacturing capability established(p.25)
- • Qualified and versatile management team(p.25)
- • Market-driven business model with deep expertise in artificial flowers(p.103)
- • Established in-house manufacturing facility with modern equipment(p.103)
- • Experienced and qualified management team(p.103)
- • Revenue growth momentum with strong profitability(p.85)
- • Diversified product portfolio beyond artificial flowers(p.103)
- • Diversified product portfolio reduces susceptibility to market shifts(p.104)
- • Promoter expertise and industry knowledge spanning over a decade(p.104)
- • Strong technical expertise and established customer relationships(p.104)
- • Well-developed Pan-India distribution network(p.107)
- • Scalable digital business model enabling rapid customer acquisition(p.107)
- • Integrated manufacturing facility with continuous technological upgradation(p.107)
- • Over a decade of business experience in artificial flowers and home decor(p.198)
- • In-house manufacturing facility with modern equipment and quality assurance(p.198)
- • Diverse and expanding product portfolio across multiple decorative categories(p.198)
- • Strong revenue growth and profitability improvement(p.207)
- • Close customer engagement and market feedback mechanism(p.198)
- • Outstanding litigation against company, promoters and directors(p.29)
- • No owned real estate; dependent on leased premises(p.31)
- • Very high inventory holding period of 250-500 days(p.31)
- • Dependence on few key suppliers for significant business needs(p.32)
- • No long-term contracts with customers; purchase order based business(p.32)
- • Historical non-compliance with Companies Act regarding manufacturing activities(p.31)
- • No formal arrangements with suppliers; not contractually obligated to supply at reasonable prices(p.32)
- • No formal agreements with customers to pass on raw material cost increases(p.32)
- • Non-compliance issues with statutory requirements and filing delays(p.35)
- • Heavy promoter dependence for business success(p.34)
- • High short-term debt burden relative to capital(p.49)
- • Significant inventory holding burden(p.79)
- • Limited scale relative to industry competitors and market size(p.85)
- • Concentration risk with few large customers indicated by high receivables(p.79)
- • Recent market entry with manufacturing operations starting only in 2021(p.103)
- • High dependency on wedding industry segment(p.110)
- • Limited geographic market share and segment presence(p.111)
- • Significant revenue concentration in Mumbai region(p.105)
- • Financial constraints limiting national-level operations(p.110)
- • Lease dependency for all major operational facilities(p.114)
- • High financial leverage with debt-to-equity ratio of 1.42(p.211)
- • Significant concentration of trade receivables and aging issues(p.180)
- • Heavy inventory build-up relative to sales(p.180)
- • Dependence on unsecured loans from related parties and non-bank lenders(p.216)
- • Low profitability in recent period with PAT declining to ₹27.24 lakhs(p.206)
- • Growing Indian artificial flower market with 57.26% value growth in 2022(p.25)
- • India becoming more competitive in artificial flower market with lower HHI index(p.25)
- • Expansion into new markets and geographical areas outside Mumbai(p.33)
- • Diversification through new business models and strategic initiatives(p.39)
- • Growth in wedding and event decoration demand(p.25)
- • High-growth Indian wedding and event market(p.100)
- • Expanding Indian event and exhibition market(p.101)
- • Growing artificial flower market with rising demand(p.102)
- • Shift toward eco-friendly alternatives creating product innovation opportunities(p.102)
- • India positioned as second largest artificial flower producer globally(p.102)
- • Listing and capital access for growth initiatives(p.77)
- • Growing consumer acceptance of decorative items and furniture(p.111)
- • Rising demand from emerging segments including weddings, offices, and households(p.111)
- • E-commerce and online sales growth enabling national-level reach(p.111)
- • Geographic expansion through new market development(p.108)
- • Enhancement of customer base through increased distribution reach(p.108)
- • Expansion into new geographic markets and customer segments(p.213)
- • Growing demand for artificial flowers in events, weddings and home décor(p.198)
- • Introduction of new product lines and designs to meet market trends(p.198)
- • B2B and corporate sector opportunities(p.198)
- • Leveraging advanced technology for product design and manufacturing(p.199)
- • High competition from domestic competitors in unorganized sector(p.34)
- • Frequent changes in customer preferences and design trends(p.31)
- • Fluctuations in raw material prices beyond company control(p.31)
- • Business concentration in Mumbai with 84.42% revenue exposure(p.33)
- • Seasonal business volatility driven by wedding and festival seasons(p.34)
- • Environmental concerns regarding artificial plants sustainability(p.34)
- • Dependence on state power supply with risk of disruption(p.38)
- • Regulatory changes and compliance requirements(p.44)
- • Rapid technological changes in manufacturing and design(p.34)
- • Labour availability and wage inflation risks(p.32)
- • Natural disasters and weather disruptions(p.37)
- • Global financial instability affecting Indian financial markets(p.45)
- • Volatile global economic and political conditions impacting business costs(p.45)
- • Natural calamities threatening Indian economic growth and operations(p.45)
- • Terrorist attacks and civil unrest affecting market sentiment(p.46)
- • Risk of India sovereign rating downgrade limiting financing options(p.46)
- • Competition from low-cost Chinese imports dominating the market(p.102)
- • Market saturation from low-quality unorganized competitors(p.102)
- • Changes in government policies affecting operations(p.111)
- • Fluctuations in raw material prices impacting margins(p.111)
- • Rising labour wages increasing operational costs(p.111)
- • Changes in consumer demand behavior and preferences(p.111)
- • Competitive market with many players entering and exiting(p.111)
- • Competitors offering similar products with rapid deployment(p.111)
- • Input cost increases leading to upward pricing pressure(p.111)
- • Intense competition from existing and new market entrants(p.213)
- • Volatility in raw material and input costs(p.213)
- • Economic slowdown affecting consumer spending on decorative items(p.213)
- • Foreign exchange fluctuation risk from imports(p.176)
- • Dependence on suppliers and supply chain disruptions(p.199)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Manish Mohan Tibrewal | Promoter | 86.34% | — |
| Mr. Rahul Jhunjhunwala | Promoter | 8.75% | — |
| Ms. Ekta Tibrewal | Promoter | — | — |
| Ms. Puja Jhunjhunwala | Promoter | — | — |
| Ms. Reena Jhunjhunwala | Promoter | — | — |
| Mr. Manish Mohan Tibrewal | Promoter | 34.15% | — |
| Mr. Rahul Jhunjhunwala | Promoter | 13.99% | — |
| Ms. Ekta Tibrewal | Promoter | 10.50% | — |
| Ms. Puja Jhunjhunwala | Promoter | 13.85% | — |
| Ms. Reena Jhunjhunwala | Promoter | 13.85% | — |
| Mr. Manish Mohan Tibrewal | Promoter/Managing Director | 34.15% | — |
| Mr. Rahul Jhunjhunwala | Promoter/Non-Executive Director | 13.99% | — |
| Ms. Ekta Tibrewal | Promoter/Executive Director | 10.50% | — |
| Ms. Puja Jhunjhunwala | Promoter | — | — |
| Ms. Reena Jhunjhunwala | Promoter | — | — |
| Manish Tibrewal | Promoter | 34.15% | — |
| Ekta Tibrewal | Promoter | 10.50% | — |
| Rahul Jhunjhunwala | Promoter | 13.99% | — |
| Puja Jhunjhunwala | Promoter | 13.85% | — |
| Reena Jhunjhunwala | Promoter | 13.85% | — |
| Rajeev Jhunjhunwala | Promoter | 5.83% | — |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.