Neelam Linens Makes Strong Market Debut With 67% Premium On NSE SME
Date
11/18/2024 2:09:50 PM
(MENAFN- KNN India)
New Delhi, Nov 18 (KNN) Neelam Linens and Garments made a robust stock market debut today, listing at Rs 40 per share on the NSE SME platform, marking a 66.7 percent premium over its issue price of Rs 24.
The Rs 13 crore initial public offering (IPO) comprised a fresh issue of 54.2 lakh shares.
The company's public offering, which opened for subscription on November 8 and closed on November 12, witnessed exceptional investor interest with an overall subscription rate of 91.97 times.
Non-institutional investors led the demand with a subscription of 273.5 times, followed by retail investors at 57.8 times, and qualified institutional buyers at 15.4 times. The price band for the issue was set between Rs 20 and Rs 24 per share.
Prior to the public listing, Neelam Linens successfully raised Rs 3.69 crore from anchor investors in a round that concluded on November 7.
Expert Global Consultants Pvt Ltd managed the book-building process, with Purva Sharegistry India Pvt Ltd serving as the registrar and Globalworth Securities as the market maker.
Established in 2010, Neelam Linens and Garments has built its reputation as a manufacturer and exporter of premium bedding and towels, focusing primarily on discount retail markets in the United States and Australia.
The company's portfolio encompasses bedsheets, pillow covers, towels, rugs, and garments, along with a presence in the licensing market.
The company plans to utilise the IPO proceeds strategically, allocating funds for the acquisition of embroidery machines to support expansion efforts, debt reduction through prepayment of borrowings, and general corporate purposes.
(KNN Bureau)
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