Aastha Spintex’s initial public offering (IPO) was fully subscribed on the second day of bidding, with the issue receiving an overall subscription of 1.16 times as of 1.06 pm, reflecting healthy demand led by non-institutional investors.
The qualified institutional buyers (QIB) portion was subscribed 0.80 times, while the non-institutional investors (NII) category was booked 1.81 times. The retail investor segment received subscriptions of 0.69 times.
The ₹170-crore IPO is priced in the band of ₹125-136 per equity share. It raised 170 crore from anchor investors.
The proceeds from the issue will be used towards part payment for the acquisition of Falcon Yarns Pvt Ltd, funding the working capital requirements of the acquired company through inter-corporate deposits, and for general corporate purposes.
Aastha Spintex manufactures and trades carded, combed and compact combed cotton yarns, cotton bales and related by-products from its integrated spinning and ginning facility at Halvad in Gujarat’s Morbi district.
BOI Merchant Bankers and PNB Investment Services are the book-running lead managers for the issue.
The company’s shares are tentatively scheduled to be listed on the BSE and NSE on July 6.