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Stock Report
Piotex Industries stock makes bumper debut on BSE SME
Posted On : 2024-05-18 09:26:30( TIMEZONE : IST )
Piotex Industries Limited ("PIL" or "The Company"), a leading supplier of yarn, fabric and cotton bale, today made a stellar debut on the BSE SME platform. The stock was listed at Rs. 109/-, at a premium of 16% over the fixed price band of Rs. 94/-. Early this week, the issue received an overwhelming response from the investors as the Non-Institutional Investors (NII) portion was subscribed 122 times, the Retail individual investors (RII) quota was subscribed 94 times, bringing the overall subscription to 108 times, until the final day of bidding on May 14, garnering bids worth over Rs. 1,476 crore.
The IPO comprised a fresh issue of 15.4 lakh Equity Shares with a face value of Rs. 10/- through the book-building route. Beeline Capital Advisors Private Limited is the sole Book Running Lead Manager, and Cameo Corporate Services Limited is the Registrar for the issue.
The Pune-headquartered company aims to raise Rs. 14.47 crore from the issue and proposes to utilize the net proceeds from the IPO to utilize the net proceeds from the IPO to fund its working capital requirements, general corporate purposes and meet issue expenses.
Piotex Industries is a leading supplier of yarn, fabric and cotton bales and works on an asset-lite model. These products are used for various purposes, such as garments and home furnishings. The company sells cotton bales and cotton yarn through the sole selling agreement, which are almost always in demand by the spinning and weaving industry. It distributes its products to customers in various states in India, including Maharashtra, Madhya Pradesh and Gujarat.
Founded in 2019 by first-generation entrepreneurs Abhay Shriram Asalkar and Yogesh Omprakash Nimodiya, PIL is equipped with cutting-edge technology and processing techniques to ensure quality output for its clients. With rich experience in the textile industry, the promoters have been instrumental in determining the company's vision and growth strategy.
