NSE SME Avi Ansh Textile makes a decent debut

The scrip was listed at Rs 68, a premium of 9.68% over the initial public offer (IPO) price. The stock was currently frozen at its upper limit of 5% over its listing price.

The counter hit a high of Rs 71.40 and a low of Rs 64.60. About 23.80 lakh shares of the company changed hands at the counter.

Avi Ansh Textile's IPO was subscribed 8.06 times. The issue opened for bidding on 20 September 2024 and it closed on 24 September 2024. The issue price was fixed at Rs 62 per share.

The IPO comprised fresh issue of 41,93,541 shares. The promoter and promoter group shareholding diluted to 66.98% from 95.67% pre-IPO.

The company intends to utilize the net proceeds for term loan repayment, funding of working capital requirement of the company and for general corporate purposes.

Punjab-based Avi Ansh Textile is a manufacturer and exporter of 100% cotton yarn, including combed and carded cotton yarn in various counts. As a textile company, it operates in the domestic as well as global market. The company manufactures and supplies a range of yarns and fabrics to meet customer needs. The company has 281 employees.

The company recorded revenue from operations of Rs 141.38 crore and net profit of Rs 3.31 crore for the period as on 31 March 2024.