NSE SME Avi Ansh Textile's IPO ends with 8 times subscription

The initial public offer (IPO) of Avi Ansh Textile received bids for 3,38,24,000 shares as against 41,92,000 shares on offer. The issue was subscribed 8.06 times.

Retail investors bid for 2,31,10,000 shares and non-institutional investors bid for 1,07,14,000 shares.

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 equity shares will list on NSE's SME platform.

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.