Sanathan Textiles shares had a spectacular launch on Dalal Street. At Rs 419 a share, the company’s stock was offered at a premium of Rs 102, or 30.5%, over the Rs 321 issue price. The stock was listed at Rs 422.30 on the NSE, which was 31.5% over the issue price and a premium of Rs 101.30.
According to sources monitoring unofficial markets, the company’s shares were selling for Rs 408 apiece on the grey market, representing a premium (GMP) of Rs 87, or 27.1%, over the issue price of Rs 321. This indicates that the listing followed gray market tendencies.
Sanathan Textiles’ Rs 550 crore IPO included both a new issuance and an equity share sale transaction. With a lot size of 46 shares and a price range of Rs 305–Rs 321, the initial public offering (IPO) began on Thursday, December 19, 2024, and ended on Friday, Monday, December 23, 2024, with a 36.9-fold subscription rate.
Qualified Institutional Buyers (QIBs) shown the most demand, subscribing to 79.59 times the quota set out for them, according to NSE data. Retail Individual Investors (RIIs) came in second at 9.31 times and Non-Institutional Investors (NIIs) at 44.39 times.
The issue’s registrar was KFin Technologies, and the book-running lead managers were ICICI Securities Limited and Dam Capital Advisors Ltd (formerly Idfc Securities Ltd).
Sanathan Textiles indicated in its Red Herring Prospectus (RHP) that it will use the proceeds of the new issue for general corporate objectives as well as the full or partial repayment or prepayment of some outstanding borrowings.investment for both general business objectives and our subsidiary.
