Aastha Spintex IPO opens June 29: Check price band, lot size, objectives and timeline

Cotton yarn and cotton bale manufacturer Aastha Spintex's ₹170 crore initial public offering will hit the primary market on June 29. The issue will end on July 1. The price band has been fixed at ₹125 to ₹136 per share.

The initial share sale is a fresh issuance of 1.25 crore shares, with no offer for sale (OFS) component. The funds raised will be used for part payment of purchase consideration for the acquisition of Falcon Yarns Pvt Ltd, working capital needs of Falcon Yarns and general corporate purposes.

"We expect to achieve the benefit of listing of our equity shares on the stock exchanges and enhancement of our company's visibility and brand image amongst our existing and potential customers and creation of a public market for our equity shares in India," according to the red herring prospectus (RHP).

Aastha Spintex IPO lot size

The lot size for an application is 110 shares and multiples thereof. The company has reserved 20% of the net offer for qualified institutional buyers, 40% for retail investors and 40% for non-institutional investors.

Aastha Spintex IPO timeline

BOI Merchant Bankers and PNB Investment Services are the book-running lead managers of the issue, while Bigshare Services serves as the registrar.

The company's equity shares will debut on the NSE and the BSE.

Aastha Spintex makes and trades combed, carded and compact combed cotton yarns and cotton bales. The company's cotton bales are used for captive manufacturing of cotton yarns and for supply to other spinning units. The cotton yarns are used in both knitting and weaving applications for an array of end-use segments and products, including denim, shirting, socks, sheeting, sweaters, home textiles, terry towels, bottom wear and industrial fabrics.