Sanathan Textiles' IPO garners 35.12 times subscription on last day of bidding

New Delhi, Dec 23 (PTI) Yarn manufacturer Sanathan Textiles' initial public offering garnered 35.12 times subscription on the last day of bidding on Monday.
     The initial share sale received bids for 44,32,74,446 shares, as against 1,26,22,950 shares on offer, as per NSE data.
     The Qualified Institutional Buyers (QIBs) category mopped-up 75.62 times subscription, while the quota for non-institutional investors got subscribed 42.21 times. The portion for Retail Individual Investors (RIIs) received 8.93 times subscription.
     Sanathan Textiles on Wednesday said it has mobilised Rs 165 crore from anchor investors.
     The issue has a price band of Rs 305-321 per share sale.
     The company's Rs 550-crore IPO is a combination of a fresh issue of equity shares aggregating up to Rs 400 crore and an Offer-for-Sale (OFS) of shares valued Rs 150 crore by promoters and promoter group entities.
     The company plans to utilise proceeds from its fresh issue worth Rs 160 crore for payment of debt, while Rs 140 crore will be invested in its subsidiary, Sanathan Polycot Pvt Ltd, for the repayment or prepayment of its borrowings, and the rest will be allocated for general corporate purposes.
     Sanathan Textiles operates three distinct yarn business divisions -- polyester yarns, cotton yarns, and yarns -- for technical textiles and industrial applications. These divisions are managed under a single corporate entity.
     Dam Capital Advisors and ICICI Securities are the book running lead managers to the issue.
     The equity shares are proposed to be listed on the BSE and the NSE.

(This story has not been edited by THE WEEK and is auto-generated from PTI)