Piotex Industries IPO Closes 108 Times Oversubscribed on Final Day

Piotex Industries' IPO received overwhelming demand, closing with 108x subscription. NII and RII portions saw 122x and 94x subscriptions, respectively. The IPO raised Rs 14.47 crore, with shares to list on BSE's SME platform. Proceeds will be used for working capital and general corporate purposes. Founded in 2019, Piotex is a yarn, fabric, and cotton bales supplier operating on an asset-lite model. In FY 23-24, it had revenue of Rs 118.45 crore and a profit after tax of Rs 3 crore.

The initial public offering of Piotex Industries closed with an overwhelming subscription of 108 times on Tuesday.

The portion for non-institutional investors (NII) was subscribed 122 times, the quota for retail individual investors (RII) received 94 times subscription, bringing the overall subscription to 108 times until the final day of bidding on Tuesday.

Shares of the Pune-headquartered company will be listed on the BSE's SME platform.

The Rs 14.47 crore initial public offering (IPO) is entirely a fresh issue of 15.4 lakh equity shares with a face value of Rs 10 each.

The company has fixed the price of the issue at Rs 94 per share.

The company proposes to utilise the proceeds from the public offer to fund its working capital requirements, general corporate purposes and meet issue expenses.

Founded in 2019 by Abhay Shriram Asalkar and Yogesh Omprakash Nimodiya, the company is a supplier of yarn, fabric and cotton bales and works on an asset-lite model.

Piotex Industries recorded a revenue of Rs 118.45 crore with a profit after tax of Rs 3 crore in FY 2023-24, compared to a revenue of Rs 86 crore and a profit after tax of Rs 2.88 crore in FY 2022-23.

Beeline Capital Advisors Pvt Ltd is the sole book-running lead manager, while Cameo Corporate Services Ltd is the registrar for the issue.