 "Sanathan Textiles IPO day 3: Check subscription status, GMP, & other detail")
The initial public offer (IPO) of Sanathan Textiles, which opened for public subscription on Thursday, December 19, 2024, has so far received a strong response on the final day. Around 12:18 PM, on Monday, December 23, 2024, the public offer received a total bid of 4,28,35,154 shares against the offer of 1,26,22,950 shares, resulting in a subscription of 3.39 times, according to data available on the National Stock Exchange (NSE).
Among others, Non Institutional Investors (NIIs) showed the most interest and subscribed to the IPO 5.32 times with a bid of 1,44,02,140 shares, followed by Retail Individual Investors(RIIs) subscribing to Sanathan Textiles IPO by 4.03 times with a bid of 2,54,25,258 shares, and Qualified Institutional Buyers(QIBs) subscribed 0.83 times, bidding only 30,06,468 shares. The IPO price band is set at Rs 305 to Rs 321 per share. ALSO READ: Transrail Lighting IPO
In the grey market, the unlisted shares of Sanathan Textiles were trading at Rs 362 apiece, as per sources, commanding a grey market premium (GMP) of 12.77 per cent or Rs 41 per share, over the upper end of the IPO price band of Rs 321 per share.
The Sanathan Textiles IPO opened for subscription on Thursday, December 19, 2024. This is a book-built issue worth Rs 550 crore, consisting of a Rs 400 crore issue through the sale of 12.5 million shares and an offer for sale (OFS) of 4.7 million shares amounting to Rs 150 crore.
The basis for allotment is expected to be finalised on Tuesday, December 24, 2024, with shares credited to investors' demat accounts by Thursday, December 26, 2024. The company’s shares are slated to list on the bourses on Friday, December 27, 2024.
KFin Technologies is serving as the registrar for the IPO, while Dam Capital Advisors Ltd and ICICI Securities are the book-running lead managers for the offering. Also Raed: DAM Capital Advisors IPO
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The funds raised through the IPO will be used for repaying certain borrowings of the company and its subsidiary, Sanathan Polycot Private Limited, investment in Sanathan Polycot, and general corporate purposes.
Sanathan Textiles is a leading manufacturer of polyester yarn and a global supplier of cotton yarn.