Sanathan Textiles' IPO Sees Strong Interest, Oversubscribed by 1.43 Times

Sanathan Textiles Ltd's IPO was oversubscribed by 1.43 times as of the second day of bidding. The Rs 550-crore IPO combines a fresh issue and an offer for sale, with funds earmarked for debt reduction and investments in subsidiaries. Listing will occur on BSE and NSE.

Sanathan Textiles Ltd's initial public offering (IPO) witnessed robust participation, with subscriptions reaching 1.43 times on the second day of bidding. Data from the National Stock Exchange (NSE) revealed that bids were placed for 1,80,43,086 shares against the 1,26,22,950 shares available.

The retail investor segment saw an enthusiastic response, being oversubscribed 2.15 times, while non-institutional investors subscribed 1.53 times. Meanwhile, the portion reserved for qualified institutional buyers (QIBs) received 9 percent subscription. Earlier, Sanathan Textiles secured Rs 165 crore from anchor investors.

This Rs 550-crore IPO comprises a fresh issue worth Rs 400 crore and an offer for sale valued at Rs 150 crore by promoters. Proceeds will mainly address debt reduction and fund the subsidiary, Sanathan Polycot Pvt Ltd. The shares will trade on both BSE and NSE, with Dam Capital Advisors and ICICI Securities leading the issue.

(With inputs from agencies.)