(MENAFN- KNN India)
New Delhi, Sep 27 (KNN)
Shares of Avi Ansh Textile debuted impressively on the National stock exchange (NSE), trading at Rs 71.40, reflecting a notable premium of 15.16 per cent over its issue price of Rs 62.
The stock initially listed at Rs 68, marking a 9.68 per cent gain over the initial public offering (IPO) price. Currently, the shares are frozen at the upper limit of 5 per cent above the listing price, indicating strong investor confidence.
The counter demonstrated volatility during the trading session, hitting a high of Rs 71.40 and a low of Rs 64.60. Approximately 23.80 lakh shares exchanged hands, highlighting robust trading activity following the IPO.
Avi Ansh Textile's IPO, which opened for bidding on September 20 and closed on September 24, garnered significant interest, being subscribed 8.06 times.
The IPO consisted of a fresh issue of 41,93,541 shares, which has resulted in a dilution of the promoter and promoter group shareholding from 95.67 per cent pre-IPO to 66.98 per cent post-IPO.
The Punjab-based manufacturer specialises in producing 100 per cent cotton yarn, including combed and carded varieties across various counts.
The company caters to both domestic and international markets, providing a diverse range of yarns and fabrics tailored to meet the needs of its clientele.
As of March 31, 2024, Avi Ansh Textile reported revenue from operations of Rs 141.38 crore and a net profit of Rs 3.31 crore, showcasing a stable financial performance amid a competitive landscape.
The proceeds from the IPO are earmarked for several strategic initiatives, including the repayment of term loans, funding working capital requirements, and general corporate purposes.
This financial maneuvering is expected to bolster the company's operational capabilities and enhance its market position.
As Avi Ansh Textile makes strides in the textile industry, its positive market response underscores a growing interest in the sector, driven by rising demand for quality cotton products.
With a workforce of 281 employees, the company is well-positioned to navigate both local and global challenges while capitalizing on emerging opportunities in the textile domain.
(KNN Bureau)
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