Sanathan Textiles Day 1 Live: Check subscription status, GMP, and more
Sanathan Textiles IPO Day 1 Live Updates: The initial public offering (IPO) of polyester yarn manufacturer Sanathan Textiles Ltd is set to hit Dalal Street on Thursday. The ₹550-crore worth Sanathan Textiles IPO will remain open for bidding till December 23. The price band for the IPO is set in the range of ₹305 to ₹321 per share.
Sanathan Textiles’ business is divided into three separate yarn business verticals, consisting of polyester yarn products, cotton yarn products and yarns for technical textiles and industrial uses.
The IPO lot size is 46 shares with a minimum investment amount required by retail investors is ₹14,766.
Sanathan Textiles is a combination of fresh issue of 1.25 crore equity shares aggregating to ₹400 crore and an offer-for-sale (OFS) component of 47 lakh shares worth ₹150 crore. In the OFS portion of Sanathan Textiles IPO, the selling shareholders include promoter and promoter group entities. They are Paresh Dattan, Ajay Dattani, Anilkumar Dattani, Dinesh Dattani, Vajubhai Investments Pvt Ltd, Vallabhdas Dattani HUF, Sonali Dattani, Dattani Dineshkumar Vrajdas HUF, Beena Paresh Dattani and Anilkumar Vrajdas
The company proposes to utilise the net issue proceeds towards repayment and/ or pre-payment, in full or part, of certain borrowings, investment in subsidiary viz. Sanathan Polycot Pvt Ltd, and general corporate purposes.
Sanathan Textiles IPO allotment is expected to be finalized on December 24. The company will credit the equity shares into the demat accounts of the eligible allottees on December 26 and initiate refunds to unsuccessful bidders on the same day. Sanathan Textiles IPO listing date is likely December 27. Sanathan Textiles shares will be listed on both the stock exchanges, BSE and NSE.
Sanathan Textiles IPO Day 1 Live Updates: Here’s what GMP hints ahead of subscriptions
The company’s shares in the grey market continued trading at a premium of ₹40. This indicates an estimated listing price of ₹361, up 12.46 percent from the IPO price of ₹321. The GMP was the same as in the previous session (December 18). However, it rose from ₹25 on December 17.
However, one must note that grey market premium is only an indicator of how the company’s shares are performing in the unlisted market and can change quickly.
