Shanti Spintex IPO Debuts on BSE SME with 8.57% Premium

Shanti Spintex IPO Debuts on BSE SME with 8.57% Premium

VoM News Desk | December 27, 2023 | 11:38 AM IST | Breaking News | Follow on Google News

Shanti Spintex IPO Debuts on BSE SME with 8.57% Premium/Mint

Shanti Spintex IPO Debuts on BSE SME with 8.57% Premium

Shanti Spintex shares debuted on the BSE SME platform at ₹76.00 apiece, exhibiting an 8.57% premium over the issue price of ₹70 per share.

The SME company’s IPO opened for subscription from December 19 to December 21, and the allotment was finalized on December 22. During the IPO, Shanti Spintex garnered ₹31.25 crore, with a fresh issue of 26.88 lakh equity shares amounting to ₹18.82 crore and an offer for sale (OFS) of 17.76 lakh shares totaling ₹12.43 crore. The IPO’s price band was set between ₹66 to ₹70 per share.

Investor enthusiasm was evident as the Shanti Spintex IPO was oversubscribed 27.38 times in total. The retail category witnessed a subscription of 22.01 times, while the Qualified Institutional Buyers’ (QIB) category reached 14.34 times, and the Non-Institutional Investors’ (NII) category stood at an impressive 57.28 times.

Hem Securities served as the book running lead manager for the Shanti Spintex IPO, while Kfin Technologies handled the IPO registrar responsibilities.

The company plans to utilize the raised funds from the fresh issue to address working capital requirements and for general corporate purposes.

VoM News Desk

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