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Sanathan Textiles IPO: Price Band at Rs 305-321/share

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By Rediff Money Desk, New Delhi   Dec 16, 2024 13:16

Sanathan Textiles IPO opens on Dec 19 with a price band of Rs 305-321/share. The IPO will raise Rs 550 crore and will close on Dec 23. Learn more about the IPO details here.
Sanathan Textiles IPO: Price Band at Rs 305-321/share
Illustration: Dominic Xavier/Rediff.com
New Delhi, Dec 16 (PTI) Yarn manufacturer Sanathan Textiles on Monday said it has fixed a price band of Rs 305-321 per share for its Rs 550-crore initial public offering (IPO).

The initial share-sale will open for public subscription on December 19 and conclude on December 23. The bidding for anchor investors will open for a day on December 18, the company announced.

The company's 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 utilize the proceeds from its fresh issue worth Rs 160 crore for payment of debt, Rs 140 crore will be invested in its subsidiary, Sanathan Polycot Pvt Ltd, for the repayment or prepayment of its borrowings, and the remaining amount 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.

Half of the issue has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.

Further, investors can bid for a minimum of 46 equity shares and in multiples of 46 equity shares thereafter.

Dam Capital Advisors Ltd and ICICI Securities are the book-running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE.
Source: PTI
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