Haryana-based fabric supplier Game Changers Texfab's initial public offering has managed to sail through on the final day of bidding, i.e. October 30, subscribing 1.16 times.
All investors contributed to subscription numbers, picking 51.86 lakh shares during October 28-30, against offer size of 44.8 lakh shares via 1,032 applications.
Non-institutional investors bid 1.35 times their allotted quota, while the parts set aside for retail investors and qualified institutional buyers were subscribed 1.18 times, and 1.01 times, respectively.
Game Changers Texfab launched its public issue with the aim to raise Rs 54.84 crore which consisted of entirely fresh issue of 53.76 lakh equity shares. The price band for the offer was Rs 96-102 per share.
The company intends to utilise Rs 15 crore of IPO proceeds for its working capital requirements, Rs 25.5 crore for capital expenditure, and the remaining funds for general corporate purposes and unidentified inorganic acquisitions.
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Game Changers Texfab that deals with variety of fabrics and specialises in women's wear and technical textiles fabrics (including outdoor and PVC-coated fabrics for several uses such as awnings, outdoor furniture upholstery, tarpaulins, sports goods, and tents) will finalise share allotment by October 31.
It will make its market debut on the BSE SME effective November 4.
Corpwis Advisors acted as the merchant banker for the Game Changers Texfab IPO.
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