Polypropylene spunbond non-woven fabrics maker Spunweb Nonwoven's initial share sale has garnered healthy interest from investors on July 14, the first day of bidding. The public issue was subscribed 7.61 times despite subdued market conditions.
Investors have, so far, bid 3.46 crore equity shares compared to the offer size of 45.48 lakh shares via 12,288 applications.
The Gujarat-based company is raising Rs 60.98 crore via maiden public issue of 63.51 lakh shares which consists of solely fresh issue. Hence, the entire IPO proceeds will go to the company.
The price band for the offer, which closes on July 16, is Rs 90-96 per share.
On July 14, the company that provides non-woven fabrics to several industries such as hygiene, healthcare, packaging, agriculture, roofing & construction, industrial and home furnishing has already raised Rs 17.3 crore via anchor book of 18.03 lakh shares at Rs 96 per share.
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Mavira Growth Opportunities, Steptrade Revolution Fund, Matterhorn India Fund, Finavenue Capital Trust, and Abundantia Capital among 8 institutional investors participated in the anchor book.
Spunweb Nonwoven intends to utilise Rs 39 crore out of IPO proceeds for working capital requirements and Rs 8 crore for repaying debt. The remainder amount will be used for general corporate purposes.
RGI Meditech, Millenium Babycares, Myra Hygiene Products, Rotech Healthcare, Salus Products, Kwalitex Healthcare, JDS Nonwoven, and Vyom Nonwoven are some of its customers.
Vivro Financial Services is acting as the sole book running lead manager for the Spunweb Nonwoven IPO.
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