Aastha Spintex IPO Parts Out Surge on Day Two; NII Demand Hits 204 Percent as Retail Quota Books 81%
Aastha Spintex’s public issue saw steady interest on its second day of sale, reaching a partial subscription of 1.33 times as of Tuesday afternoon. The Rs 170-crore offering received strong applications across investor categories, driven notably by the Non-Institutional Investor (NII) segment.The IPO sought applications for 1.36 crore shares and received bids amounting to 1.8 crore applications till the close of trading on the exchange. While not fully subscribed yet, the current level signals a solid response from high-net-worth individual and institutional buyers.
IPO Subscription Status Update
The subscription pie showed varied interest across different investor types. The NII category stood out significantly, fetching a robust 2.04 times subscriptions. Meanwhile, Qualified Institutional Buyers (QIBs) demonstrated strong commitment to the listing, with their portion achieving a high subscription rate of 94 percent.Retail investors also participated enthusiastically in the offering. The retail quota was booked at 81 percent, indicating healthy investor interest from smaller shareholders. The public issue remains open for applications until July 1, giving potential investors more time to participate in the sale.
Allocation and Financial Usage of Proceeds
The IPO is priced with a band ranging from Rs 125 to Rs 136 per equity share. The funds generated through this offering are earmarked for several strategic business objectives moving forward. A significant portion of the proceeds will be used towards part payment for the acquisition of Falcon Yarns Pvt Ltd.Furthermore, the IPO proceeds will assist in funding the working capital requirements of the acquired company. This support will be facilitated through inter-corporate deposits, aiding both expansion and operational stability. The remaining funds are allocated for general corporate purposes within Aastha Spintex.
Aastha Spintex Market Profile and Listing Details
Aastha Spintex operates as a manufacturer and trader, dealing in various forms of cotton yarns. Its product range includes carded, combed and compact combed cotton yarns, alongside cotton bales and related by-products. The company maintains an integrated spinning and ginning facility located at Halvad in Gujarat’s Morbi district.The listing of Aastha Spintex shares is officially scheduled for July 6 on both the BSE and NSE. Investors seeking to participate are advised that the share allotment process is expected to be completed by July 2.
Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.
Any views, opinions, or statements expressed, where applicable, are those of the respective analysts or experts and do not reflect the views of this website. The website has no association with such viewpoints and does not assume any responsibility for them.