Fonebox Retail, a Gujarat-based company opened its initial public offer for retail investors on January 25. The issue is under the SME category of the National Stock Exchange. It is an entirely fresh issue of 29.1 lakh shares worth Rs 20.4 crore. The company’s IPO will close on January 30. 

The company has set the price band at Rs 66-70 per share. The issue has completed its anchor subscription, which was fully subscribed. It raised Rs 5.78 crore from anchor investors by selling 8.26 lakh equity shares at the upper price band of Rs 70. 

The retail investors have to buy a minimum lot of 2000 shares worth Rs 1,40,000. While the lot size for high net-worth individuals has been set at 4000 shares summing to Rs 2,80,000.

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According to the company, the funds will be used to expand its retail store network, acquire land, administration work, and fund future growth opportunities. 

The company’s promoters are Manishbhai Girishbhai Patel, Jigar Lallubhai Desai, Parth Lallubhai Desai, Jigneshkumar Dashrathlal Parekh and Amitkumar Gopalbhai Patel. 

The company operates 143 multi-brand outlets under three brand names: Fonebox, Fonebook, and MyMobile.

Beeline Capital Advisors is the lead book-running manager for the issue.