Shri Techtex Limited IPO oversubscribed 144.23 times

Shri Techtex Limited, a leading Ahmedabad-based manufacturer and exporter of technical textiles, has witnessed an overwhelming response to the initial public offering (IPO). The IPO, which closed today, has oversubscribed 144.23 times and has received 72.91 lakh bids amounting to Rs 4,447.51 crore.

The public issue, which comprised 74 lakh equity shares, garnered tremendous interest across all investor categories. In the retail category, the company has received bids for 38.46 lakh shares amounting to Rs 2,346.39 crore. In the non-institutional segment, the company has received bids for 26.46 lakh shares amounting to Rs 1,614.35 crore while in the qualified institutional segment, it has bids for 8.18 lakh shares amounting to Rs 499.14 crore.

The company had set a floor price range of Rs. 54 to Rs. 61 per share for book-building. The shares of the company will list on NSE Emerge. The proceeds from the IPO will be utilized for various purposes, including construction at the manufacturing site, procuring machinery, and rationalizing energy and working capital costs.

The Book Running Lead Manager for the issue is Beeline Capital Advisors Private Limited, and Link Intime India Private Limited has been appointed as the Registrar of the issue.

Source : Equity Bulls

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