Ahmedabad-based cotton yarns manufacturer Siddhi Cotspin's initial public offering was subscribed 1.97 times on the first day of its bidding, i.e. September 19. The issue will remain open till September 23.
The company is raising Rs 69.85 crore through its public issue of 64.68 lakh shares at the upper price band. The IPO comprises of fresh issue of 49.44 lakh shares, and an offer-for-sale of 15.24 lakh shares by existing shareholders.
The price band for the offer is Rs 102-108 per share.
Investors across categories have participated in the offer, putting in bids for 1.27 crore shares against the offer size of 64.68 lakh shares via 573 applications.
Siddhi Cotspin that manufactures and sells cotton yarn mainly to denim industries will utilise Rs 25.1 crore of fresh issue proceeds for its working capital requirements. Further, Rs 8.96 crore will be used for repayment of certain borrowings, and the remaining amount will be set aside for general corporate purposes.
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On the financial front, the company has reported net profit at Rs 13.1 crore for the year ended March 2025, registering a growth of 7.4 percent over Rs 12.2 crore in the previous year. Revenue during the same period increased by 24.7 percent to Rs 724.5 crore, up from Rs 580.9 crore.
Swastika Investmart is acting as the sole merchant banker for the Siddhi Cotspin IPO.
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