NR Vandana Textile is ready to make its market debut on the NSE SME platform today with its Rs 9.49 crore IPO, which garnered significant investor interest during the subscription period from May 28 to May 30. The company’s issue price at Rs 45 per share indicates a promising start on listing day, as the grey market premium (GMP) currently stands at Rs 9, hinting at a potential listing price of around Rs 54 per share, marking a potential gain of 20% over the issue price.
The IPO, consisting of 61.98 lakh fresh equity shares, aimed to raise funds for working capital needs and general corporate purposes. Marwadi Chandarana Intermediaries led the offering, with Cameo Corporate Services serving as the registrar. The IPO garnered strong demand, with an oversubscription of 101 times, showcasing the market’s confidence in NR Vandana Textile, a Kolkata-based textile company specialising in cotton-based products distributed under the Vandana and Tanya brands. With a robust B2B model serving over 1,000 wholesalers across 31 Indian states and leveraging e-commerce platforms, the company has established a strong market presence since its inception in 1992.
