Piotex Industries IPO Over-Subscribed 108 Times

New Delhi, May 14 (PTI) The initial public offering of Piotex Industries closed with an overwhelming subscription of 108 times on Tuesday.

The portion for non-institutional investors (NII) was subscribed 122 times, the quota for retail individual investors (RII) received 94 times subscription, bringing the overall subscription to 108 times until the final day of bidding on Tuesday.

Shares of the Pune-headquartered company will be listed on the BSE's SME platform.

The Rs 14.47 crore initial public offering (IPO) is entirely a fresh issue of 15.4 lakh equity shares with a face value of Rs 10 each.

The company has fixed the price of the issue at Rs 94 per share.

The company proposes to utilise the proceeds from the public offer to fund its working capital requirements, general corporate purposes and meet issue expenses.

Founded in 2019 by Abhay Shriram Asalkar and Yogesh Omprakash Nimodiya, the company is a supplier of yarn, fabric and cotton bales and works on an asset-lite model.

Piotex Industries recorded a revenue of Rs 118.45 crore with a profit after tax of Rs 3 crore in FY 2023-24, compared to a revenue of Rs 86 crore and a profit after tax of Rs 2.88 crore in FY 2022-23.

Beeline Capital Advisors Pvt Ltd is the sole book-running lead manager, while Cameo Corporate Services Ltd is the registrar for the issue.