IPO
Yarn manufacturer Sanathan Textiles’ Rs.550-Cr IPO subscribed 35 times
Mumbai-headquartered yarn manufacturer Sanathan Textiles ' initial public offering garnered 35.12 times subscription. The initial share sale received bids for 44,32,74,446 shares, as against 1,26,22,950 shares on offer.The Qualified Institutional Buyers (QIBs) category mopped-up 75.62 times subscription, while the quota for non-institutional investors (NIIs) got subscribed 42.21 times. The portion for retail individual investors (RIIs) received 8.93 times subscription.The company's INR 550-crore IPO is a combination of a fresh issue of equity shares aggregating INR 400 crore and an Offer-for-Sale (OFS) of shares, valued INR 150 crore, by promoters and promoter group entities. The issue had a price band of INR 305-321 per share sale. Sanathan had earlier mobilised INR165 crore from anchor investors.Out of the proceeds, the company would use INR 160 crore for payment of debt, while INR 140 crore will be invested in its subsidiary, Sanathan Polycot Pvt Ltd, for the repayment or prepayment of its borrowings.Dam Capital Advisors and ICICI Securities are the book running lead managers to the issue.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
