Punjab-based fast-fashion fabric solutions provider Kaytex Fabrics closed its initial public offering (IPO) with 39.95 times subscription on July 31, the final day of bidding.
The company manages yarn-to-finished fabric production and is raising Rs 69.81 crore via an initial share sale of 38.78 lakh shares at a price band of Rs 171-180 per share.
Investors have bid 11.76 crore shares against the offer size of 29.45 lakh shares via 47,825 applications, of which 53 percent bids were from retail investors and the rest from non-institutional investors and qualified institutional buyers.
The company will finalise the IPO share allotment by August 1, followed by listing of Kaytex Fabrics on August 5. The IPO was a mix of fresh issue of 31.99 lakh shares, and an offer-for-sale of 6.79 lakh shares by promoters.
Kaytex Fabrics' IPO shares traded at more than 20 percent premium in the grey market, market observers told Moneycontrol.
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Incorporated in 1996, Kaytex Fabrics also provides fashion products in womenswear (ready-to-stitch suits, co-ord sets, shawls, scarves and stoles) and is looking to utilise issue proceeds for construction of warehouse facility, sales office, purchase of advanced fabric processing system for existing printing, and a dyeing & processing unit in Amritsar. The funds will also be used for incremental working capital requirements, and general corporate purposes.
Socradamus Capital acted as the book running lead manager for the Kaytex Fabrics IPO.
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