Shares of United Cotfab were quoting at Rs 78.75 on the BSE, a premium of 12.50% compared with the issue price of Rs 70.
The scrip was listed at Rs 75, a premium of 7.14% over 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 78.75 and a low of Rs 75. About 19.78 lakh shares of the company changed hands at the counter.
United Cotfab's IPO was subscribed 101.83 times. The issue opened for bidding on 13 June 2024 and it closed on 19 June 2024. The price of the IPO was fixed at Rs 70 per share.
The IPO comprised fresh issue of 51,84,000 equity shares. The promoter and promoter group shareholding diluted to 69.84% from 99.99% pre-offer.
The company intends to utilize the net proceeds to meet working capital requirements, to meet public issue expenses and general corporate purpose.
United Cotfab is a leading manufacturer of high-quality open end yarn for the textile industry. The companys manufacturing process adheres to stringent quality standards and is backed by advanced technology and machinery. Its manufacturing process involves raw material selection, blending, spinning, winding, and quality control, ensuring stringent quality standards. As on 31 March 2024, the company has total 118 employees.
The company recorded revenue from operations of Rs 115.29 crore and net profit of Rs 8.66 crore for the period as on 31 March 2024.
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