Tue Dec 24 11:08:15 UTC 2024: **Sanathan Textiles IPO OverSubscribed, Listing Expected Friday**
MUMBAI, INDIA – Sanathan Textiles’ initial public offering (IPO) closed significantly oversubscribed, with the company raising ₹550 crore (approximately US$66 million). The IPO, which offered shares at ₹305-321 each, was oversubscribed 35.12 times overall. Strong demand was seen across investor categories, with Qualified Institutional Bidders (QIBs) subscribing 75.62 times their allocation, Non-Institutional Investors (NIIs) 42.21 times, and Retail Investors 8.93 times.
The allotment of shares is expected to be finalized on December 24th, with investors receiving notification of debit or revocation of IPO mandates by December 26th. The grey market premium (GMP) has risen to ₹85-90, suggesting potential listing gains of 26-28%.
Sanathan Textiles, a polyester and cotton yarn manufacturer established in 2005, operates across three yarn business verticals. The IPO included a fresh issue of ₹400 crore and an offer-for-sale (OFS) of up to ₹150 crore. DAM Capital Advisors and ICICI Securities acted as book running lead managers, while KFin Technologies served as the registrar.
The company’s shares are scheduled to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) on December 27th. Investors can check their allotment status on the BSE website (https://www.bseindia.com/investors/appli_check.aspx) or the KFin Technologies portal (https://kosmic.kfintech.com/ipostatus).
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