New Delhi: Sanathan Textiles IPO opened for subscription on Thursday, December 19 and will conclude on December 23, 2024. The yarn manufacturer mobilised Rs 165 crore from anchor investors on Wednesday, a day ahead of its initial share-sale opening for public subscription.
Anchor investors include SBI General Insurance Company, PineBridge Global Funds, HDFC MF, Kotak MF, Bandhan MF, SBI Mutual Fund (MF), Nippon India MF, and Societe Generale are among the investors. Sanathan Textiles business is divided into three yarn business divisions — polyester yarns, cotton yarns, and yarns — for technical textiles and industrial applications.
Sanathan Textiles IPO price
According to a circular uploaded on the BSE website, polyester yarn manufacturer Sanathan Textiles allotted 51.4 lakh shares to 20 funds at Rs 321 apiece.
The price band is set at Rs 305-321 per share. The initial public offer is a book built issue of Rs 550 crore, a combination of fresh issue of 1.25 crore shares aggregating up to Rs 400 crore and offer for sale (OFS) of 0.47 crore shares aggregating to Rs 150 crore by promoters and promoter group entities.
Sanathan Textiles IPO GMP, important dates
According to investorgain, Sanathan Textiles IPO GMP stood at Rs 40 on Dec 19th morning. With the price band of Rs 321, the share are projected to be listed at Rs 361, indicating a gain of 12.46 per cent. It may be noted GMP is not an official figure.
Sanathan Textiles IPO allotment expected on December 24, 2024 while the refunds process to give the back to unsuccessful bidders to begin on 26th December. The shares will be credited to the demat accounts of successful investors on December 26. The shares will list on BSE and NSE on December 27, 2024.
In its draft papers filed with the SEBI, Sanathan Textiles informed that the IPO proceeds will be used for payment of debt (Rs 160 crore), Rs 140 crore investment for its subsidiary, Sanathan Polycot Pvt Ltd. The company also declared to use the rest of the funds to repay or prepayment of its borrowings, and general corporate purposes.
The company announced that 50 per cent of the shares on offer are reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.
The retail investors are required to bid for a minimum lot size of 46 shares for which the minimum amount of investment required is Rs 14,766. The NII category investors are mandated to apply for 14 lots while bNII investors are required to make a subscription bid for 68 lots.
(Disclaimer: This article is only meant to provide information. News9 does not recommend buying or selling shares or subscriptions of any IPO and Mutual Funds.)
Sanathan Textiles IPO opened for subscription on December 19, 2024. The GMP signals the share are expected to be listed at around 12 per cent premium over the issue price of Rs 305-321 per share. The allotment is expected on December 24. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
