NR Vandana Tex Industries IPO subscribed 72% on Day 1 so far. Check details about GMP, key dates
The initial public offering (IPO) of NR Vandana Tex Industries opened for subscription earlier today and has seen a strong response from the investor, being subscribed by 72% so far on the first day of the issue opening.
ADVERTISEMENT At 1:25 pm, the issue attracted bids for 4.93 lakh shares from the non-institutional investors (NIIs) via 87 bids, while the qualified institutional buyers (QIBs) were yet to make any bids.
The issue will remain open for public participation until May 30.
The company plans to raise Rs 27.89 crore through a fresh issue of 61.98 lakh equity shares, with the price band set between Rs 42 and Rs 45 per share.Retail investors must apply for a minimum of one lot comprising 3,000 shares, which translates to an investment of Rs 1,35,000 at the upper end of the price range. High net-worth individuals are required to bid for at least two lots, or 6,000 shares, amounting to Rs 2,70,000.Ahead of its listing the shares of NR Vandana Tex Industries had no grey market premium (GMP) in the unlisted market.
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NR Vandana Tex Industries is a textile company based in Kolkata that designs, manufactures, and sells cotton sarees, salwar suits, and bed sheets under the brand names Vandana and Tanya. The company uses a business-to-business model and sells its products through a network of over 1,000 wholesalers spread across 31 states in India. It also operates through various B2B platforms like Udaan and Ajio.
The company plans to use the money raised from the IPO to meet its working capital needs, repay some loans, and for general corporate purposes.
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NR Vandana has delivered robust financial performance in recent years. In FY25, the company's revenue increased by 23% to Rs 271 crore, while net profit more than doubled to Rs 8.6 crore. It reported a healthy return on equity of 17.5% and maintained a debt-to-equity ratio of 2.43.The allotment is expected to be finalized by June 2, and shares are likely to be listed on the NSE SME platform by June 4. The IPO is being managed by Marwadi Chandarana Intermediaries, and Cameo Corporate Services is the registrar to the issue.
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