Yajur Fibres IPO closes with 1.31 times subscription, Victory Electric Vehicles offer booked 97%

Yajur Fibres IPO News

• Yajur Fibres IPO subscribed 1.31 times
• Victory Electric Vehicles offer booked 97%

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West Bengal-based cottonised bast fibers maker Yajur Fibres' Initial Public Offering (IPO) closed on January 9 with 1.31 times subscription, while the offer of Victory Electric Vehicles International was subscribed 97 percent.

Both companies are set to finalise their IPO share allotment by January 12, while their equity shares will be available for trading on the BSE SME and NSE Emerge, effectively, on January 14.

The company approached capital markets on January 7 to raise Rs 120.4 crore via public issue of 69.2 lakh shares at the upper end of price band of Rs 168-174 per share.

Investors have applied for 90.89 lakh shares in the offer via 4,682 applications during January 7-9. Retail investors bid 1.51 times their allotted quota, while the portions set aside for qualified institutional buyers and non-institutional investors were subscribed 1.03 times, and 93 percent, respectively.

Yajur Fibres, part of the Kankaria Group, specialising in producing premium cottonised bast fibres (including flax (linen), jute, and hemp) will spend Rs 11.9 crore of IPO proceeds for setting up of 50,000 sq ft of shed in the existing manufacturing unit and installation of additional production capacity of upto 4 tons per day at existing manufacturing unit at Howrah.

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Further, Rs 48 crore will be utilised for setting up a greenfield unit by subsidiary Yashodha Linen Yarn at Ujjain, Madhya Pradesh for 100% wet spun linen yarn and blended yarn, and Rs 36 crore for working capital requirements. And the remainder funds will be used for general corporate purposes.

Meanwhile, electric vehicles maker Victory Electric Vehicles International's initial share sale was subscribed 97 percent with investors picking up 81.36 lakh shares against offer size of 84.3 lakh shares via 714 applications.

The New Delhi-based company is mobilising Rs 34.56 crore via public issue at a price of Rs 41 per share. These funds will be utilised for its capital expenditure, working capital requirements, and general corporate expenses.

Horizon Management acted as the merchant banker for the Yajur Fibres, while the Victory Electric Vehicles International IPO was managed by Corpwis Advisors.