Grill Splendour Services debuts at just 1% premium over issue price

The IPO, which was entirely a fresh equity issue of 13.72 lakh shares, received a decent response from investors with an overall subscription of over 6 times.

The net proceeds from the public offer will be used for funding working capital requirements, repayment of debt, general corporate purposes and public issue expenses.

Grill Splendour Services was initially incorporated in November 2019 as a hospitality company to acquire the bakery and confectionery business along with brand Birdy’s Bakery and Patisserie from WAH Restaurants. Later, the company proceeded to invest in the business and grow the brand and spread its presence.

The company is a chain of gourmet bakery and patisserie spread across Mumbai through 17 retail stores, a centralized production facility and multiple corporate clients.

Out of these 17 retail stores, 5 stores are running under the franchisee model (franchisee owned, and company operated) and the rest 12 stores are owned by us.

The company offers fresh food products from traditional to ‘made to order’ as required by the customers. Both the promoters of the company individually have 30+ years of experience in the hospitality industry.

India’s food service sector is one of the vibrantly growing segments which has witnessed noticeable growth in the past few years. The sector, including both organised and unorganized segments, stands at Rs 4,23,865 crore in 2018-19.

For the period ended November 2023, the company clocked revenues of Rs 8.85 crore and net profit of Rs 61 lakh.

Inventure Merchant Banker Services acted as the lead manager to the issue and Bigshare Services was the registrar.