Kolkata-based cotton textile products maker NR Vandana Tex Industries is set to open its maiden public issue for public subscription on May 28. This would be the fifth IPO in the SME segment hitting next week, along with Blue Water Logistics, Astonea Labs, Nikita Papers, and Neptune Petrochemicals.
The company targets to raise Rs 27.89 crore through its IPO of 61.98 lakh shares, which comprises solely a fresh issue.
The price band for the offer has been fixed at Rs 42-45 per share.
The anchor book of the offer will be launched on May 27, while the public subscription of the issue will close on May 30. The IPO share allotment will get finalised by June 2, while the trading in NR Vandana Tex shares will commence on the NSE Emerge, effective June 4.
NR Vandana Tex is a manufacturer and wholesaler of cotton textile products including cotton sarees, salwar suits and bed sheets under the Vandana and Tanaya brands. It operates into B2B business model, selling products through a network of 1,397 wholesalers and e-commerce platform.
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The company that seeks valuation of Rs 104.8 crore at the upper price band intends to utilise IPO proceeds for working capital requirements, repayment of loan, and general corporate purposes.
Marwadi Chandarana Intermediaries Brokers is acting as the book running lead manager for the issue.
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