Siddhi Cotspin IPO commenced on Friday, September 19 and will conclude on Tuesday, September 23. Siddhi Cotspin IPO price band has been set at ₹102 to ₹108 equity share, each with a face value of ₹10. Investors can place bids for a minimum of 1,200 equity shares and in multiples of 1,200 shares thereafter.
Siddhi Cotspin specializes in the production and sale of cotton yarns, which includes various value-added and specialty options. The company provides a diverse selection of value-added cotton yarns, such as Compact Carded and Combed Hosiery, Compact Weaving Yarns, Carded and Combed Yarns, Eli Yarns (KW & CW), Slub and Siro Slub Yarn, Lycra-Core Spin Yarn (Spandex), and TFO Double Yarn, among others. Furthermore, we produce TFO Double Yarn, which enhances strength and durability.
We supply our products to textile manufacturers, garment exporters, and distributors, emphasizing quality, dependability, and punctual delivery. Over the years, we have established strong and lasting relationships with our customers.
Our manufacturing facility is located in Dholi, Ahmedabad, Gujarat, and boasts a total spinning capacity of 29,376 spindles. The unit can produce approximately 90,11,850 kgs of cotton yarn and 2,70,35,550 kgs of value-added yarns annually. This facility is equipped with state-of-the-art automated machinery that ensures high productivity and consistent quality.
Siddhi Cotspin IPO subscription status
Siddhi Cotspin IPO subscription status is 1.38 times on day 1 so far, as per chittorgarh.com. The retail portion was subscribed 25%, and NII portion was booked 2.73 times. The qualified institutional buyers portion has received 5.58 times bids.
The company has received bids for 80,54,400 shares against 58,20,000 shares on offer on the first bidding day, at 15:09 IST, according to data on chittorgarh.com.
Siddhi Cotspin IPO details
The book-built issue is valued at ₹69.85 crore and consists of a fresh issue of shares amounting to ₹53.40 crore, along with an offer for sale (OFS) totaling ₹16.46 crore from existing shareholders.
From the overall 64.68 lakh shares being offered, 38.71 lakh shares (59.85%) are set aside for retail investors, 16.58 lakh shares (25.64%) for non-institutional investors (NIIs), and 6.14 lakh shares (9.5%) for qualified institutional buyers (QIBs).
The company intends to allocate the proceeds from the IPO mainly for working capital needs ( ₹25.1 crore), the repayment or prepayment of specific borrowings ( ₹8.97 crore), and for general corporate uses.
IIFL Capital Services Ltd. serves as the book running lead manager, while MUFG Intime India Pvt. Ltd. is the issue’s registrar.
Siddhi Cotspin IPO GMP today
Siddhi Cotspin IPO GMP today or grey market premium was ₹0, which meant shares were trading at their issue price of ₹108 with no premium or discount in the grey market according to investorgain.com.
‘Grey market premium‘ indicates investors’ readiness to pay more than the issue price.
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