Shares of Piotex Industries were quoting at Rs 114.45 on the BSE, a premium of 21.76% compared with the issue price of Rs 94.
The scrip was listed at Rs 109, a premium of 15.96% compared with the initial public offer (IPO) price. The stock is currently frozen in its upper limit of 5% over its listing price.The counter hit a high of Rs 114.45 and a low of Rs 108.10. About 9.80 lakh shares of the company changed hands at the counter.
Piotex Industries' IPO was subscribed 102.04 times. The issue opened for bidding on 10 May 2024 and it closed on 14 May 2024. The price of the IPO was fixed at Rs 94 per share.
The IPO comprised fresh issue of 15,39,600 shares. The promoter and promoter shareholding diluted to 69.83% from 100% pre-IPO.
The company intends to utilise the net proceeds to meet working capital requirement, general corporate expenses and public issue expenses.
Piotex Industries is engaged in business of contract manufacturing and trading of yarn, fabric and cotton bales. Its products are used for various purposes such as garments & home furnishings, etc. it engaged in trading of cotton bales. The firm also manufactures cotton yarn through out-sourcing model (Job-work). As on 31 March 2024, the company has 18 employees on payroll.
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The company recorded revenue from operations of Rs 118.45 crore and net profit of Rs 30 crore for the period from 1 April 2023 to 31 March 2024.
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