Birdy’s IPO is a fixed price issue of Rs 16.47 crores. The issue is entirely a fresh issue of 13.73 lakh shares.
Birdy’s IPO opens for subscription on April 15, 2024 and closes on April 18, 2024. The allotment for the Birdy’s IPO is expected to be finalized on Friday, April 19, 2024. Birdy’s IPO will list on NSE SME with tentative listing date fixed as Tuesday, April 23, 2024.
Birdy’s IPO price is ₹120 per share. The minimum lot size for an application is 1200 Shares. The minimum amount of investment required by retail investors is ₹144,000. The minimum lot size investment for HNI is 2 lots (2,400 shares) amounting to ₹288,000.
Birdy’s IPO Details
| IPO Date | April 15, 2024 to April 18, 2024 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price | ₹120 per share |
| Lot Size | 1200 Shares |
| Total Issue Size | 1,372,800 shares (aggregating up to ₹16.47 Cr) |
| Fresh Issue | 1,372,800 shares (aggregating up to ₹16.47 Cr) |
| Issue Type | Fixed Price Issue IPO |
| Listing At | NSE SME |
| Share holding pre issue | 3,835,400 |
| Share holding post issue | 5,208,200 |
| Market Maker portion | 69,600 shares Rikhav Securities |
Birdy’s IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| Retail Shares Offered | 50% of the Net Issue |
| Other Shares Offered | 50% of the Net Issue |
Birdy’s IPO Timeline (Tentative Schedule)
Birdy’s IPO opens on April 15, 2024, and closes on April 18, 2024.
| IPO Open Date | Monday, April 15, 2024 |
| IPO Close Date | Thursday, April 18, 2024 |
| Basis of Allotment | Friday, April 19, 2024 |
| Initiation of Refunds | Monday, April 22, 2024 |
| Credit of Shares to Demat | Monday, April 22, 2024 |
| Listing Date | Tuesday, April 23, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on April 18, 2024 |
Birdy’s IPO Lot Size
Investors can bid for a minimum of 1200 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1200 | ₹144,000 |
| Retail (Max) | 1 | 1200 | ₹144,000 |
| HNI (Min) | 2 | 2,400 | ₹288,000 |
| Lot Size Calculator | |||
Birdy’s IPO Promoter Holding
The promoters of the company are Srinidhi V Rao, Vandana Srinidhi Rao and Vivek Vijaykumar Sood
| Share Holding Pre Issue | 49.75% |
| Share Holding Post Issue | 36.64% |
About Grill Splendour Services Limited
Established in November 2019, Grill Splendour Services Limited is a chain of gourmet bakeries and patisseries in Mumbai with 17 retail outlets, a central manufacturing facility, and several corporate clients operating under the brand name Birdy’s.
Grill Splendour Services Private Ltd. acquired Birdy’s Bakery and Patisserie from WAH Restaurants Private Limited in November 2019 to expand its reach in the hospitality industry.
The company’s product portfolio can be divided into the following areas
- Cakes and pastries
- Sale of food products
- Beverages
- Sale of desserts
The company has 17 retail stores, 5 of which are operated under a franchise model (franchisee-owned, and company-operated), while the remaining 12 stores are owned by the company.
As of February 29, 2024, the company employed 77 people in various departments.
Grill Splendour Services Limited Financial Information (Restated)
Grill Splendour Services Limited’s revenue increased by 32.92% and profit after tax (PAT) rose by 5654.34% between the financial year ending with March 31, 2023 and March 31, 2022.
| Period Ended | 30 Nov 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 2,211.54 | 764.02 | 290.59 | 265.98 |
| Revenue | 885.64 | 1,531.62 | 1,152.27 | 825.22 |
| Profit After Tax | 61.65 | 199.10 | 3.46 | -3.63 |
| Net Worth | 494.98 | 200.79 | 1.69 | -1.77 |
| Reserves and Surplus | 111.44 | 199.79 | 0.69 | -2.77 |
| Amount in ₹ Lakhs | ||||
Key Performance Indicator
The market capitalization of Birdy’s IPO is Rs 62.5 Cr.
KPI as of November 30, 2023.
| KPI | Values |
|---|---|
| Debt/Equity | 1.5 |
| RoNW | 12.46% |
| P/BV | 9.3 |
| PAT Margin (%) | 6.96 |
Check Birdy’s IPO Peer Comparison here.
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 5.19 | 1.78 |
| P/E (x) | 23.12 | 67.58 |
Note:
- The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2023 that is available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of November 30, 2023 that is available in RHP.
Objects of the Issue (Birdy’s IPO Objectives)
The Company proposes to utilise the Net Proceeds from the Fresh Issue towards funding the following objects:
- Funding additional Working capital requirements;
- Pre-payment/Repayment, in full or part, of certain outstanding borrowings availed by the Company; and
- General Corporate Purposes
Birdy’s IPO Review (Avoid)
[Dilip Davda] The company is in business of Cakes & Pastries, Food Sale, Beverages, and Desert Sales. It posted bumper profits from FY23 onwards i.e. pre-IPO years, which appears to be an exercise to get fancy valuations. Based on its annualized FY24 earnings, the issue is aggressively priced. Small paid-up equity capital post-IPO indicates longer gestation period for migration. There is no harm in skipping this pricey bet. Read detail review…
Grill Splendour Services Limited Contact Details
Grill Splendour Services Limited
J1, Shram Siddhi Vinayak Premises Co-Op Soc Ltd C1
1st Floor, Plot – 8, Wadala Truck Terminal Road,
Antop Hill, Mumbai – 400 037,
Phone: +91 22 5002 9517
Email: ipo@birdys.in
Website: https://www.birdys.in/
Birdy’s IPO Registrar
Bigshare Services Pvt Ltd
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: https://ipo.bigshareonline.com/ipo_status.html