Piotex Industries IPO to Launch on May 10; Share Price Set at Rs 94

The company proposes to utilise the net proceeds from the fresh issue to fund its working capital requirements, general corporate purposes and meet issue expenses.Piotex Industries works on an asset-lite model.

Piotex Industries, a leading supplier of yarn, fabric and cotton bale on Wednesday said its initial public offering (IPO) will hit the capital market on Friday to raise Rs 14.47 crore from public investors.

The initial public offering (IPO) of the company will open for subscription on May 10 and conclude on May 14. The shares of the company will be listed on the BSE's SME platform, the company said in a statement.

The Pune-headquartered company has fixed the price of Rs 94 per equity share.

The public offer is entirely a fresh issue of up to 15,39,600 equity shares with a face value of Rs 10 per share, according to the red herring prospectus (RHP).

Investors can bid for a minimum of 1,200 equity shares and in multiples thereof. The company proposes to utilise the net proceeds from the fresh issue to fund its working capital requirements, general corporate purposes and meet issue expenses.

Piotex Industries works on an asset-lite model. These products are used for various purposes, such as garments and home furnishings. Beeline Capital Advisors Pvt Ltd is the sole book running lead manager, while Cameo Corporate Services is the registrar for the issue.

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