Architecture and interior design software company Infurnia Holdings Ltd’s initial public offering (IPO) will open on 6 September and close on 9 September, the company announced on Tuesday.
The issue will include 3,62,90,000 equity shares of face value ₹1/- each for cash at a price of ₹10/-per equity share. The startup aims to invest ₹29.02 crore in its wholly owned subsidiary while ₹8.68 crore will be used for general corporate purposes. The IPO will not have an offer for sale (OFS) component. Nikhil Kumar, co-founder and chief executive and Lovepreet Mann, co-founder and chief marketing officer will hold the largest share in the startup at a combined share of 50.64% stake.
The Bengaluru-based startup filed its draft red herring prospectus (DRHP) for the IPO on 3 August with the Security Exchange Board of India (SEBI) for raising ₹38.2 crore.
According to the IPO prospectus, the listing will allow Infurnia to expand and diversify its cloud-based offerings. The funds will also be directed towards expanding the team, expertise and capabilities by entering into new market segments and acquiring new customers.
Founded in 2014 by Kumar and Mann, Infurnia is a cloud-based platform that allows professionals to design buildings, interiors, and modular kitchens. Infurnia offers data management and collaboration tools, and platform-independent accessibility. In the past, the startup has raised over Rs 10 crore in funding rounds from several angel investors and VC firm Idein Ventures. The company counts brands such as Livspace, Spacewood, and Wakefit as its clients.
In 2020 Infurnia raised $240,000 in funding from a clutch of angel investors. In October 2019, Infurnia raised $200,000 from another set of angel investors. Before that, it raised $160,000 in January 2016 in seed capital from venture capital firm Idein Ventures.
BSE startup board enables the listing of SMEs throughout India to enable them to raise funds through the equity market. Startups in segments like IT, ITES, biotechnology and life science, 3D printing, space technology, ecommerce, Hi-tech defence, drones, nanotechnologies, artificial intelligence, big data and enhance/virtual reality can seek listing through the BSE startup platform.
