Sanathan Textiles shares debut with 32% premium on listing
Sanathan Textiles shares made a healthy stock market debut to list with a premium of around 32 percent on the NSE on december 27.Yarn manufacturer Sanathan Textiles stock was listed at Rs 422.3 per share on the NSE over the IPO price of Rs 321, a premium of 31.56 percent.The company's market valuation post listing of shares stood at Rs 3,373.63 crore.On the BSE, the shares of the company were listed at Rs 419.10 per share, up 30.56 percent from the issue price. It later surged 31.66 per cent to Rs 422.65.
Check All IPO news HereSanathan Textiles' initial public offering garnered 35.12 times subscription. The issue had a price band of Rs 305-321 per share sale.The company's Rs 550-crore IPO was a combination of a fresh issue of equity shares aggregating up to Rs 400 crore and an Offer-for-Sale (OFS) of shares valued Rs 150 crore by promoters and promoter group entities.The company plans to utilise proceeds from its fresh issue worth Rs 160 crore for payment of debt, while Rs 140 crore will be invested in its subsidiary, Sanathan Polycot Pvt Ltd, for the repayment or prepayment of its borrowings, and the rest will be allocated for general corporate purposes.Sanathan Textiles operates three distinct yarn business divisions -- polyester yarns, cotton yarns, and yarns -- for technical textiles and industrial applications. These divisions are managed under a single corporate entity.
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