Interiors and More Limited IPO

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Business Overview: Interiors & More

Founded in 2012, Interiors & More started as a trader of artificial flowers, capitalizing on the demand for non-perishable, decorative flowers in the Indian market. These products are popular for use in weddings, corporate settings, and home decoration. Over time, the company expanded its product line to include a wide range of decorative items like vases, plants, planters, wedding props, lights, furniture, fabric, chandeliers, candles, and fragrances.

Core Business Activities:

  • Manufacturing and Trading: The company has grown into both manufacturing and trading, with an in-house manufacturing plant for artificial flowers, plants, and a variety of home and office décor items. It sources raw materials domestically and internationally, ensuring a blend of quality and innovation in its offerings.
  • Diverse Product Portfolio: From artificial flowers and plants to an extensive range of décor items, Interiors & More offers a broad selection to cater to various customer preferences and market needs.

Growth and Development:

  • Financial Performance: The company has shown significant growth in both volume and revenue across its product categories, reflecting its successful expansion and market penetration.
  • Manufacturing Insights: The decision to establish a manufacturing plant was driven by a comprehensive understanding of the industry, market research, and a strategic approach to raw material procurement, customer engagement, and brand building.
  • Sourcing Strategy: Interiors & More adopts a global sourcing strategy, importing raw materials from countries like China and India, ensuring access to high-quality inputs for its manufacturing processes.


  • The manufacturing facility, located in Umargam, Gujarat, is equipped with state-of-the-art production and quality control equipment, supporting the company’s commitment to product excellence.

Market Position:

  • With a focus on quality, innovation, and customer satisfaction, Interiors & More has established itself as a leading provider in the artificial flowers and home décor market.

Future Direction:

  • Under the guidance of experienced promoters, the company aims to continue its expansion in both the Indian and international markets, leveraging its product quality, market knowledge, and innovative offerings to explore new growth opportunities.

Interiors & More’s journey from a trader of artificial flowers to a renowned manufacturer and trader of a wide array of décor products showcases its adaptability, market understanding, and commitment to excellence, positioning it for continued success in the home décor industry.

Objects of the Interiors and More Limited IPO:

The company intends to utilize the Net Fresh Issue Proceeds for the following Objects i. Repayment/Prepayment of Certain Debt Facilities ii. Working Capital Requirements iii. General Corporate Purposes.

Interiors and More Limited IPO Details:

Open Date: Feb 15 2024
Close Date: Feb 20 2024
Total Shares: 1,850,400
Face Value: ₹ 10 Per Equity Share
Issue Size: 42.00 Cr.
Lot Size: 600 Shares
Issue Price: ₹ 216 - 227 Per Equity Share
Listing At: NSE Emerge
Listing Date: Feb 23 2024

Promoters And Management:

Mr. Manish Mohan Tibrewal, aged 47, serves as the Promoter and Managing Director of the Company since its inception and took on the Managing Director role on October 31, 2022, for a five-year term. A Chartered Accountant since 2002 and a law graduate, he has a diverse background including roles at S. Tekriwal & Associates and Fullerton India Credit Company Limited. As a co-founder of Interiors & More Limited in 2012, his visionary leadership has been crucial in the company's setup and growth, overseeing all business operations and guiding the company towards continuous success. Ms. Ekta Tibrewal, aged 48 years, is Executive Director of the Company. She is the Director of the Company since Incorporation of the Company. She has Bachelor of Arts in Economics passed in the year 1999 from Patna Women’s College. She is founder member of the Company and has been associated with the Company since inception. She has been handling Product Designing and Finance Department of the Company. She plays a vital role in planning, coordinating and managing all the administration procedures and she is responsible for day-to- day activity of the Company Mr. Rajat Vijender Singhal, aged 31 is the Executive Director of the Company. He was Appointed as Executive Director of the Company w.e.f. July 04, 2022. He has completed his Degree of Master of Business Administration with O.P. Jindal Global University. He has joined as factory Manager in Interiors & More Limited on 24th June, 2021.Thereafter, He was promoted as Executive Director. He has proven ability to quickly analyse key business drivers and develop strategies to grow the bottom line. He is a high integrity energetic leader known for ability to envision and create successful outcomes in complex situations.

Financials of Interiors and More Limited IPO:

P&L Statement
Particulars (in Lakh) 9MFY24 2023 2022 2021
Revenue From Operations 1,842 2,485 989 643
Cost of Material Consumed 1,334 1,579 793 339
Change in Inventories -589 -479 -335 -1
Employees Benefit Expenses 283 237 112 97
Other Expenses 184 200 159 122
EBITDA 630 948 260 86
OPM 34.20% 38.15% 26.29% 13.37%
Other Income 11 41 9 20
Depreciation 42 50 35 24
Finance Cost 111 143 91 42
Exceptional Items 9 2 0 -21
PBT 479 794 143 60
Tax 124 201 39 17
PAT 355 593 104 43
NPM 19.16% 23.48% 10.42% 6.49%
EPS 5.08 8.48 1.49 0.61

Comparison With Peers:

Company does not have any listed peer group operating in the same line of business.

Recommendation on Interiors and More Limited IPO:

The Draft Red Herring Prospectus (DRHP) lacks information on the industry size for Artificial Flowers, making it challenging to determine the industry's positioning in terms of size, market size, number of competitors, and growth potential. Additionally, the company, Interior and More, which derives over 80% of its business from trading activities, including importing flowers from China, operates in a highly competitive market.

Lead Manager of Interiors and More Limited IPO:

  1. Gretex Corporate Services Private Limited

Registrar of Interiors and More Limited IPO:

  1. Bigshare Services Private Limited

Company Address:

Interiors and More Limited Office No.7, Ground Floor, Kumtha Street, off Shahid Bhagat Singh Road-Ballard Estate, Fort Mumbai G.P.O. Mumbai - 400001 Phone: 022-47499811 Email: Website:

Discussion on Interiors and More Limited IPO:

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