Grill Splendour Services IPO: Open/Close Date, Price, Lot Size, Allotment & Subscription

Q: When will Grill Splendour Services Limited IPO open for subscription?

The IPO subscription window will open on April 15, 2024 .

IPO Details

Bidding Dates

15 Apr '24 - 18 Apr '24

Minimum Investment

₹1,44,000 / 1 Lots ( 1200 Shares )

Price Range

₹120

Maximum Investment

₹1,44,000 / 1 Lots ( 1200 Shares )

Retail Discount

Not Applicable

Issue Size

₹16.47 Cr

Investor category and sub category

Retail Individual Investors | Non-institutional Investor | Qualified Institutional Buyers | Eligible employees |

IPO Dates

Important dates with respect to IPO allotment and listing

Opening Date

Apr 15, 2024

Closing Date

Apr 18, 2024

Basis of Allotment

Apr 19, 2024

Initiation of Refunds

Apr 22, 2024

Credit of Shares to Demat

Apr 22, 2024

Listing Date

Apr 23, 2024

Cut-off time for UPI mandate confirmation

Apr 18, 2024

Birdy's IPO Subscription Details

Date	NII	Retail	Total
Day 1Apr 15, 2024	0.38x	3.94x	2.16x
Day 2Apr 16, 2024	1.30x	6.69x	4.00x
Day 3Apr 18, 2024	1.61x	9.05x	5.33x

Birdy's IPO Subscription Status Live

Investor Category	Subscription (Times)
Non-institutional Investor	1.61
Retail Individual Investors	9.05
Total	5.33

About Grill Splendour Services Limited

Grill Splendour Services Limited is a network of gourmet bakery and patisserie stores scattered across Mumbai, boasting 17 retail outlets, a central kitchen, and serving numerous corporate clients. Among these stores, 5 operate under a franchise model while the company owns the remaining 12 outlets. They specialise in offering a wide array of fresh food items, ranging from traditional treats to customised delights tailored to customers' preferences.

With over 30 years of experience each, promoters bring a wealth of knowledge from the hospitality industry. The company came into existence in November 2019 with the aim of acquiring the bakery and confectionary business, including the renowned Birdy’s Bakery and Patisserie brand, from WAH Restaurants Private Limited. This acquisition, formalised through a Business Transfer and Intellectual Property Assignment Agreement in December 2019, marked the beginning of Grill Splendour Services' journey towards enhancing and expanding the brand's presence.

Originally known as "Birdy’s by Taj," the brand evolved through various ownerships before finding its place under Grill Splendour Services Limited. The company's core mission revolves around reviving the original quality and allure of the Birdy’s brand. Their product offerings span across four main categories: Cakes & Pastries, Food Sales, Beverages, and Desserts.

Since taking over Birdy's, more than half of the shops have been redone. Now they have seating, music, table service, free library access, and freshly made food and drinks. These cafes attract a new type of customer called "dine-in," which wasn't there before.

From the fiscal year 2023, the company has stepped into business-to-business sales. As of February 29, 2024, they had 77 employees.

Industry Outlook

The market for desserts and ice creams is expected to grow by 19% annually by 2022-23. This growth is fueled by the increasing demand from middle-class consumers and rising per capita income.
In India, the organised desserts and ice creams market was valued at approximately ₹ 4,121 crore in 2018-19. Standalone stores accounted for 53% of this market, totaling ₹ 2,188 crore, while chain stores contributed 47%, amounting to ₹ 1,933 crore.

Grill Splendour Services Limited IPO Details

Grill Splendour Services Limited IPO Dates

Grill Splendour Services Limited's IPO starts on Monday, April 15, and ends on Thursday, April 18. You can find it listed on NSE Emerge.

Grill Splendour Services Limited IPO Price Band

Grill Splendour Services Limited is a fixed price issue. The price band is set at Rs. 120 per share.

Grill Splendour Services Limited IPO Lot Size

The lot size for Grill Splendour Services Limited’s IPO is 1,200 shares with a minimum investment of ₹1,44,000.

Grill Splendour Services Limited IPO Objectives

The company plans to allocate the net proceeds from the issuance for the following purposes:

Covering extra working capital needs.
Paying off some or all of the loans the company has taken.
Covering general business expenses.

Peer Details

The following are the listed peers of Grill Splendour Services Limited:

Westlife Foodworld
Sapphire Foods
Jubilant Foodworks

How To Check the Allotment Status of the Grill Splendour Services Limited IPO?

Steps to check IPO allotment status on Angel One’s app:

Log in to the Angel One app.
Go to the IPO Section and then to IPO Orders.
Select the individual IPO that you had applied for and check the allotment status.
Angel One will notify you of your IPO allotment status via push notification and email.

Contact Details of Grill Splendour Services Limited

Registered office: J1, Shram Siddhi Vinayak Premises Co-Op Soc Ltd C-105, 1st Floor, Plot - 8, Wadala Truck Terminal Road, Antop Hill, Mumbai - 400 037, Maharashtra, India

Phone: +91 22 5002 9517

E-mail: ipo@birdys.in

IPO Financials

Particulars	As at November 30, 2023	Year ending on March 31, 2023	Year ending on March 31, 2022	Year ending on March 31, 2021
Total Revenue (in ₹ lakh)	885.64	1,531.62	1,152.27	825.22
Profit After Tax (PAT) (in ₹ lakh)	61.65	199.10	3.46	-3.63
Cash & Cash Equivalents (in ₹ lakh)	72.65	98.81	7.61	7.44
Net Worth (in ₹ lakh)	494.98	200.79	1.69	-1.77
Net Debt	1,421.41	201.42	126.91	89.88
Return on Equity (%)	12.46%	99.16%	204.73%	NA
Return on Net Worth (RONW) (%)	12.46%	99.16%	Negative	Negative
Earning Per Share (EPS)-in absolute ₹	1.61	1991.00	34.60	-36.30

Know before investing

Strengths

Grill Splendour Services Limited's great products brought back the famous Birdy’s brand, once known as "Birdy’s by Taj." This encouraged customers to return and helped in selling more products to them, making partnerships strong and lasting.
With over 30 years of hospitality experience, Grill Splendour Services Limited's promoters drive trust and growth, supported by skilled personnel.
Leveraging its brand recognition, customer relationships, and experienced leadership, Grill Splendour Services Limited can expand services and explore new markets for sustained growth.

Risks

Grill Splendour Services Limited's expansion plans, including store selection and location, may face challenges. Ineffective expansion could lead to operational inefficiencies and financial setbacks, affecting business prospects and profitability.
Grill Splendour Services Limited lacks long-term contracts with customers, relying on walk-in sales. Losing significant customers could adversely affect revenue and profitability, impacting financial stability and growth prospects.
Dependence on third-party delivery aggregators exposes Grill Splendour Services Limited to risks such as increased competition and changing consumer preferences. Any negative developments with aggregators could disrupt operations and financial performance.
Grill Splendour Services Limited's aggressive pursuit of B2B business demands substantial working capital, primarily tied up in debtors and inventories. Inefficient management of working capital may lead to liquidity issues, impacting operations and profitability.