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- Omfurn India Ltd
Omfurn India Ltd
Omfurn India was established with a mission to provide premium quality commercial furniture to its customers. The Company has set up its manufacturing unit in the year 2005. With manufacturing facility hosting sophisticated machinery and recent technology, it is well equipped to supply quality commercial furniture. From a single coffee table to a fully integrated fit out over a number of floors, the Company has the expertise to exceed customer's expectations. Fusing style and function, Omfurn produces innovative and operational commercial furniture solutions for all work and commercial environments. The Company manufactures and supplies modular furniture which broadly includes hotel furniture, office furniture, school furniture, wooden shutter doors & door frames in terms of customized, system based or Turnkey project's throughout India & abroad.
The Company has proclaimed the ISO 9001, 14001, and OHSAS 18001 certification to maintain and ensure optimum quality at all times under the stringent certification rules. Being an ISO and OHSAS certified company it has maintained an in-house design facility to provide comprehensive furniture solution keeping in view of the constantly changing international design.
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Omfurn India Ltd IPO Timeline
Omfurn India Ltd IPO opens on 20-Mar-2024, and closes on 22-Mar-2024. The Omfurn India Ltd IPO bid date is from 20-Mar-2024 to 22-Mar-2024. The Cut-off time for UPI Mandate confirmation is 12 P.M. on the next day of issue closing day.
| Event | Date |
|---|---|
| Omfurn India Ltd IPO Opening Date | 20-Mar-2024 |
| Omfurn India Ltd IPO Closing Date | 22-Mar-2024 |
| Basis of Allotment | 26-Mar-2024 |
| Initiation of Refunds | 27-Mar-2024 |
| Credit of Shares to Demat | 27-Mar-2024 |
| Omfurn India Ltd IPO Listing Date | 28-Mar-2024 |
Omfurn India Ltd IPO Lot Size
Omfurn India Ltd IPO lot size is 2400 shares. A retail-individual investor can apply for up to 1 lots (2400 shares or 180000).
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Minimum | 1 | 2400 | ₹180000 |
| Maximum | 1 | 2400 | ₹180000 |
Omfurn India Ltd IPO Details
| Omfurn India Ltd IPO Date | 20-Mar-2024 to 22-Mar-2024 |
| Omfurn India Ltd IPO Face Value | Shares of ₹10 per share |
| Omfurn India Ltd IPO Price | ₹71 to ₹75 per share |
| Omfurn India Ltd IPO Lot Size | 2400 |
| Issue Size | Shares of ₹10 (aggregating up to ₹27 Cr) |
| Fresh Issue | Shares of ₹10 (aggregating up to ₹27 Cr) |
| Offer for Sale | - |
| Issue Type | Book Building - SME |
| Listing At | NSE - SME |
| QIB Shares Offered | - |
| Retail Shares Offered | - |
| NII (HNI) Shares Offered | - |
| Company Promoters | Rajendra Chitbahal Vishwakarma, Mahendra Chitbahal Vishwakarma, Narendra Chitbahal Vishwakarma. |
Objects of the Issue
The company proposes to utilise the Net Proceeds from the Fresh Issue towards funding the following objects:
- 1 Funding capital expenditure towards installation or plant & machinery in its existing premises along with required civil electric and fabrication work
- 2 Repayment/prepayment in full or part of certain borrowings availed by the company
- 3 Funding working capital requirements of the company
- 4 General corporate purposes
Company Financials
Omfurn India Ltd Financial Information (Restated)
| Period Ended | Total Assets | Total Revenue | Profit After Tax |
|---|---|---|---|
| 03-2023 | 57.18 | 71.08 | 3.91 |
| 03-2022 | 47.67 | 32.30 | 0.68 |
| 03-2021 | 46.65 | 21.85 | -0.93 |
| Amount in ₹ Crore | |||
- Experienced Management and Motivated Team.
- Skilled and dedicated manpower.
- Range of Product Offerings.
- Compliance with Quality Standards.
- Existing customer relationship.
- Strong & Long term relationship with its Clients.
- Substantial portion of its revenues come from the manufacturing of doors.
- The company proposes to enter into new products viz. metal doors to be supplied to the construction and hotel industry. Its may fail to generate new clients for these products and sell in these industries due to competition and other commercial factors.
- The Company has not entered into any long-term agreements with its customers for purchasing our products. The company is subject to uncertainties in demand and there is no assurance that its customers will continue to purchase the company products. This could impact the business and financial performance of the Company.
- Its Showroom/ Registered Office and Godown are located on leased and licensed premises and consequently, its required to comply with certain requirements given under lease and license agreements.
- Its customers expect the company to maintain high quality standards and any failure by it to comply with such quality standards may have an adverse effect on demand from end customers and on its reputation, business, results of operations and financial condition.
- Its manufacturing unit are situated in Gujarat at Umbergaon GIDC and its operations may be affected by various factors associated with the region where the company operate.
- If the company is unable to successfully implement its proposed expansion plans, its results of operations and financial condition could be adversely affected.
- The company has substantial working capital requirements. Its inability to obtain and / or maintain sufficient cash flow, credit facilities and other sources of funding in a timely manner to meet its requirements of working capital or payment of the company debts, could adversely affect its operations.
- The company may not be able to adequately protect or continue to use its intellectual property. The reputation of its brand "OMFURN" may be diluted if low quality counterfeit products under its brand name are sold in the company's markets.
- The company has certain outstanding litigation against it, an adverse outcome of which may adversely affect its business, reputation and results of operations.
- In case of its inability to obtain, renew or maintain the statutory and regulatory licenses, permits and approvals required to operate its business it may have a material adverse effect on its business.
- Developments in the competitive environment in the furniture industry, such as consolidation among its competitors, could have a material adverse effect on the company competitive position and hence its business, financial condition, results of operations or prospects.
- The Company has not entered into long-term agreements for the supply of raw materials with its suppliers. The company is subject to uncertainties in the supply of raw materials and there is no assurance that its suppliers will continue to sell raw materials to it as per its requirements. This could impact the business and financial performance of the Company.
- Its success largely depends upon the services of the company senior management and other Key Managerial Personnel (KMP) and its ability to attract and retain them. Demand for senior management personnel in the industry is intense and its inability to attract and retain its KMP may affect the operations of the Company.
- The company does not own its Registered Office. Any revocation or adverse changes in the terms of the lease and leave and license may have an adverse effect on its business, prospects, results of operations and financial condition.
- The company failures to accurately forecast and manage inventory could result in an unexpected shortfall and/ or surplus of products, which could harm its business.
- Its inability to respond adequately to increased competition may adversely affect its business, financial condition and results of operations.
- Any ban on wood cutting by the Government of India may affect its business.
- In the event of any accident at its manufacturing units, the Company may be held liable for damages and penalties which may impact the financials of the Company.
- Furniture products manufacturing is a labour intensive industry, hence its may face labour disruptions and other planned and unplanned outages that could interfere or temporarily disrupt its operations.
- Its business is dependent on the company's manufacturing units which are strategically located in Gujarat. Any shutdown of operations of its manufacturing units may have an adverse effect on the company's business and results of operations.
- Any reduction in the demand for its products could lead to underutilization of the company's manufacturing capacity. Its may also face surplus production of a particular product due to various reasons including inaccurate forecasting of customer requirements, which could adversely affect its business, results of operations, financial condition and cash flows.
- The Company is dependent on third party transportation providers for the supply of raw materials and delivery of its products and any disruption in their operations or a decrease in the quality of their services could affect the Company's reputation and results of operations.
- In the event the company fail to obtain, maintain or renew its statutory and regulatory licenses, permits and approvals required to operate its business, the company's business and results of operations may be adversely affected.
- Its business and profitability will suffer if the company fail to anticipate and develop new value added products and enhance existing products in order to keep pace with rapid changes in customer preferences and the industry on which its focus.
- The company is exposed to the risks of significant breaches of data security, and malfunctions or disruptions of information technology systems.
- The Company has in the past entered into related party transactions and may continue to do so in the future. There can be no assurance that such transactions, individually or in the aggregate, will not have an adverse effect on its financial condition and results of operations.
- Its agreements with banks for financial arrangements contain restrictive covenants for certain activities and if the company is unable to get their approval, it might restrict its scope of activities and impede the company growth plans.
- Its Promoters have provided personal guarantees for the company loans and any failure or default by it to repay such loans in accordance with the terms and conditions of the financing documents could trigger repayment obligations, which may adversely affect its Promoters' ability to manage its affairs.
- The company cannot assure you that the company will be able to secure adequate financing in the future on acceptable terms, in time, or at all. Its failure to obtain sufficient financing could result in delay or abandonment of its business plans and this may have an adverse effect on its growth and operations.
- Its Promoters and Promoter Group will continue to retain significant control in the Company after the Issue, which will allow them to influence the outcome of matters submitted to shareholders for approval. Such a concentration of ownership may also have the effect of delaying, preventing or deterring a change in control.
- Its ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures and are also prohibited by the terms of its financing arrangement.
- Its insurance cover may not adequately protect the company against all material hazards and accidents.
- The Objects of the Issue for which funds are being raised have not been appraised by any bank. The deployment of funds is entirely at the discretion of its management and as per the details mentioned in the section titled "Objects of the Issue". Any revision in the estimates may require it to reschedule its expenditure and may have a bearing on its expected revenues and earnings.
- Any variation in the utilisation of its Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- The company may requires further equity issuance, which will lead to dilution of equity and may affect the market price of its Equity Shares or additional funds through incurring debt to satisfy its capital needs, which its may not be able to procure and any future equity offerings by it.
- The Issue price of its Equity Shares may not be indicative of the market price of the company Equity Shares after the Issue and the market price of its Equity Shares may decline below the issue price and you may not be able to sell your Equity Shares at or above the Issue Price.
- Certain data mentioned in this Draft Red Herring Prospectus has not been independently verified.
- QIBs and Non-Institutional Bidders are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid and Retail Individual Investors are not permitted to withdraw their Bids after Bid/Issue Closing Date.
- Continue to develop customer relationships.
- Improving functional efficiency& quality standards.
- Vision and Mission of its Business.
- Continue to recruit, retain and train qualified personnel.
Omfurn India Ltd IPO Promoter Holding
| Pre Issue Share Holding | 53.58% |
| Post Issue Share Holding | 37.20% |
Omfurn India Ltd IPO Subscription Status (Bidding Detail)
The Omfurn India Ltd IPO is subscribed - times on Mar 22, 2024 05:00:00 PM. The public issue subscribed - times in the retail category, - times in the QIB category, and - times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | QIB | NII | Retail | Employee | Total |
|---|---|---|---|---|---|
| Subscription (times) | - | - | - | - | - |
Omfurn India Ltd IPO Prospectus
Omfurn India Ltd IPO Listing Date
| Listing Date | 28 Mar 24 |
| BSE Script | 535024 |
| NSE Symbol | OMFURN |
| Listing In | NSE - SME |
| ISIN | INE338Y01016 |
| IPO Price | ₹75 |
| Face Value | ₹10 |
Omfurn India Ltd IPO Registrar
Bigshare Services Pvt Ltd
Phone: +91 22 6263 8200
Email: ipo@bigshareonline.com
Website: www.bigshareonline.com
Omfurn India Ltd IPO Lead Manager(s)
- Gretex Corporate Services Ltd
FAQs on Omfurn India Ltd IPO
Omfurn India Ltd IPO, which opens for subscription from 20-Mar-2024 to 22-Mar-2024 has an issue size of ₹27 crore. The issue type is book building issue.
In case of pre-apply, your IPO order will be placed on the Exchange as soon as the official bidding for Omfurn India Ltd IPO begins. You will receive a UPI request within 24 hours after the bidding period opens.
Omfurn India Ltd IPO Opens for subscription from 20-Mar-2024 to 22-Mar-2024.
The lot size of Omfurn India Ltd is 2400 shares. Retail investors can subscribe to minimum 1 lot and maximum 1 lots. The minimum and maximum application value is ₹180000 and ₹180000 respectively.
Allotment date for Omfurn India Ltd is 26-Mar-2024 and refund of application amount (in case allotment is not received) will begin from 27-Mar-2024. If your allotment goes through, then shares will be credited in your Demat account by 27-Mar-2024.
The registrar for Omfurn India Ltd IPO is Bigshare Services Pvt Ltd . You can check your IPO allotment status on the registrar's website.
The shares of Omfurn India Ltd are proposed to be listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
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