The Rs 65.175 crore initial public offering of Yash Birla group company Birla Pacific Medspa has opened for subscription today. The price band for the issue, which closes on June 23, is fixed at Rs 10-11 a share.
Company operates med spa centres under the brand name “EVOLVE”. A med spa or medical spa is a hybrid between a medical clinic and a day spa and operates under the supervision of medical doctor.
Issue proceeds are proposed to be used for the capital expenditure towards establishing 55 outlets of Evolve Medspa across various cities and places, with cost of Rs 49.50 crore; brand promotion with Rs 6 crore; and working capital requirements of Rs 70 lakh for running the above centres.
Bids can be made for minimum of 500 equity shares and in multiples of 500 shares thereafter.
This issue has been assigned the “IPO Grade 2” indicating below average fundamentals by M/s Brickworks Ratings India Pvt Ltd.
Arihant Capital Markets Ltd is the book running lead manager to the issue.
source-moneycontrol
steven
management trainee-fundamental analyst
DENIP Consultants Pvt Ltd
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