Sanathan Textiles Surges on Strong IPO Debut

Shares of Sanathan Textiles Ltd saw a strong market debut, closing with a 21% premium over the issue price. The company's IPO was subscribed 35.12 times, raising Rs 550 crore, with proceeds to be used for debt payment and investment in its subsidiary for financial consolidation.

Shares of Sanathan Textiles Ltd had a robust opening on the stock exchange, closing at a premium of over 21% above the issue price of Rs 321 by the end of trading on Friday.

The stock began trading at Rs 419.10, marking a noticeable 30.56% rise from the issue price on the BSE, and at one point reached Rs 422.65 during the session. By the close, shares were trading at Rs 389, a 21.18% increase.

On the NSE, Sanathan Textiles' listing price was Rs 422.30, with the day ending at Rs 388.35, a rise of 20.98%. The firm's market cap was noted at Rs 3,283.32 crore, following the 35.12 times oversubscription of its IPO, which involved a mix of fresh equity and an Offer-for-Sale to raise Rs 550 crore.

(With inputs from agencies.)