Tue, 26 Sep 2023

Mumbai (Maharashtra) [India], September 28 (ANI/PNN): Public issue of Pace E-Commerce Ventures Ltd - One stop solutions for children's furniture, bedding, housewares and essentials is scheduled to open for subscription on September 29. Company received approval to launch its public issue on BSE SME Exchange Platform. Company is planning to raise Rs. 66.53 crore through initial public offering to fund its expansion plans including capital expenditure towards acquisition of plant and machinery, meeting working capital requirements, general corporate purposes for the company's business activities. Interactive Financial Services Ltd is the lead manager of the issue. Public issue will close on October 4.

The initial public offering will comprise a fresh Issue of 40 lakh equity shares and Offer for sale of 24.59 lakh equity shares of face value Rs 10 each at a price of Rs 103 per share (including a premium of Rs 93 per equity share) aggregating Rs 66.53 crore. Minimum lot size for the application is 1,200 shares which translates in to Rs. 1.23 lakh per application. Retail allocation for the IPO is 50 per cent. Post issue promoter group holding in the company will be 65 per cent from 91.12 per cent before the public issue.

Proceeds of the public issue will be utilised to fund company's expansion plans. Rs 9.73 crore to be utilised towards acquisition of plant and mahinery, Rs 20.86 towards long-term working capital requirement and Rs. 10 crore towards general corporate purposes.

Commenting on the development, Shaival Gandhi, Managing Director & CFO, Pace E-Commerce Ventures Ltd said, "Founded in 2015, Cot & Candy has come a long way from its beginnings in Pune, India. When we first started out, our passion to offer the utmost in quality, comfort, safety and style, took us to different parts of the world to curate a range so that Cot & Candy can offer products that are not only safe and comfortable, but also stylish, fun and built to adapt to your children's needs. We now serve customers all over the country, and are thrilled that we're able to turn our passion into our own online store and offer you a wonderful experience. We are hopeful that after the proposed public issue, we will be able to execute our growth strategy in a manner that creates exponential value for all stakeholders while consistently delivering quality products."

Incorporated in 2015, Pace E-Commerce Ventures Limited offers children's furniture, bedding, housewares and essentials. The company's product portfolio includes Beds and Cribs, Seating and Lounging, Storage & Organisers, Playroom Furniture, Bins and Baskets, Decor and Accessories, Kids Bedding, Baby Bedding, Baby & Kids Essentials, Dinning Essentials & Homeware, Sports Ride Ons & Outdoor, Art and Craft, Games and Puzzles, Scooters and Ride Ons, Dolls Action figures and soft toys. Registered office of the company is situated in Pune, Maharashtra and corporate office in Ahmedabad, Gujarat.

The company owns an e-commerce portal, www.cotandcandy.com offering a large range of products across different categories. The company also started catering to a number of requests for on-demand printing and manufacturing of products for both B2C and B2B Customers. Pace E-Commerce Ventures Limited acquired manufacturing and distribution licenses of some of the popular and biggest brands in the Kids Entertainment Industry.

Post this IPO, company's paid-up equity capital of Rs 18.53 crore. will stand enhanced to Rs 22.53 crore. The issue constitutes 28.67 per cent of the post-IPO paid-up equity capital of the company. For the FY21-22 company reported revenues of Rs 10.54 crore and Net Profit of Rs 54 lakh. As on 31 March 2022, Net worth of the company was Rs 26.49 crore, Reserve & Surplus of Rs 8.17 crore and Total assets of Rs 32.42 crore.

This story has been provided by PNN. ANI will not be responsible in any way for the content in this article. (ANI/PNN)

More Kolkata News

Access More

Sign up for Kolkata News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!