Sonaselection India Ltd. made a modest debut on the stock market on Thursday, listing at a premium of over 3% to its IPO price. The stock opened at Rs 102.31on the NSE which is a 3.34% rise from the IPO price of Rs 99. On the BSE, it began trading at Rs 102 per share which marks a 3.03% premium.
Sonaselection India Ltd. has fixed a price band of Rs 99 per equity share for its Rs 141.6-crore initial public offering, which opened for subscription on September 17.
The initial public offer of textile company Sonaselection India Ltd was subscribed two times on the final day of the share sale on Monday. The Rs 141.6-crore IPO received bids for 2,01,04,050 shares against 1,00,10,000 shares on offer, as per NSE data.
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The quota for retail investors was subscribed 2.50 times, while the portion for non-institutional investors received 1.99 times subscription. The category for Qualified Institutional Buyers (QIBs) garnered 1.16 times subscription.
The Bhilwara-headquartered company's IPO comprises a fresh issue of 1.43 crore equity shares worth Rs 141.57 crore at the higher end, with no offer for sale (OFS) component.
Sonaselection India IPO GMP today stood at Rs 0 at 7:37 am which indicated a potentially flat listing.
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Sonaselection India Company Details
Founded in 2022, Sonaselection India is an integrated fabric manufacturing and processing company, with the core operations housed at its manufacturing facility at Bhilwara in Rajasthan.
Bhilwara is widely recognised as a major hub for textile processing and manufacturing, providing the company access to skilled labour, established supply chains and textile ecosystem advantages. The proceeds from the IPO will be used for debt payment, purchasing plant and machinery at the company's manufacturing facility and general corporate purposes.
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