Sanathan Textiles IPO Sees Strong Start

Sanathan Textiles Ltd's IPO was 45% subscribed on its first day, receiving bids for over 56 lakh shares against an offering of 1.26 crore shares. The IPO aims to raise Rs 550 crore, with proceeds intended for debt repayment, subsidiary investment, and general corporate needs.

Sanathan Textiles Ltd's initial public offering (IPO) experienced a robust start, garnering 45% subscription on its opening day, as reported on Thursday.

Market data from NSE revealed bids for 56,67,016 shares compared to the 1,26,22,950 shares available. Retail individual investors showed strong interest, with a 76% subscription rate, while non-institutional investors accounted for 32%.

The Rs 550-crore IPO consists of a Rs 400 crore fresh issue and Rs 150 crore offer for sale by the promoters, targeting debt repayment, investment in its subsidiary, and other corporate purposes. The offering is managed by Dam Capital Advisors and ICICI Securities and will conclude on December 23.

(With inputs from agencies.)