Piotex Industries IPO subscribed over 107 times on last day: Check subscription status, allotment and listing

Piotex Industries IPO subscription closed with a bumper demand on the third and last day of bidding on Tuesday, May 14. The initial public offering of the cotton yarns and fabrics trader was booked more than 107 times on the final day led by strong demand from non-institutional investors (NIIs).

The public issue was oversubscribed 107.49 times with biddings for more than 15.71 crore shares against 14.61 lakh shares on offer, the BSE data showed.

The retail portion was booked 93.32 times at the end of the subscription period as investors applied for over 6.82 crore shares against 7.3 lakh shares on offer for the segment. The NIIs’ category was subscribed 115.31 times with biddings for more than 8.42 crore shares against 7.3 lakh shares set aside for the segment.

The qualified institutional buyers (QIBs) submitted bids for more than 46.39 lakh shares.

Piotex Industries IPO subscription was open from May 10 to May 14. The fixed-price public issue of ₹14.47 crore, was entirely a fresh issue of 15.4 lakh shares of a face value of ₹10 each.

Piotex Industries IPO allotment status and listing

The company has appointed Cameo Corporate Services Limited as the registrar for the public issue. The investors can check the IPO allotment status on the official website of the registrar and the BSE.

Piotex Industries IPO allotment status is expected to be finalised on May 15. The refunds for non-allottees will be initiated on May 16 while the transfer of shares into the Demat accounts of the successful bidders will be done the same day.

The IPO share listing date has been tentatively fixed as May 17 with the stock is scheduled to make a debut on the BSE SME platform.

Piotex Industries IPO price band and other details

Piotex Industries IPO price band was fixed at ₹94 per share with a minimum lot size for an application at 1,200 shares. With the upper price band amount, a retail investor needed at least an investment of ₹1,12,800. The minimum lot size for investment for high net worth individuals was 2 lots, or 2,400 shares, amounting an investment of ₹2,25,600.

The company is planning to allocate part of IPO net proceeds to meet its working capital requirements and rest for general corporate purposes.

About Piotex Industries Ltd

Set up in 2019, Piotex Industries is into contract manufacturing and trading of yarns, fabrics and cotton bales. It caters to diverse industries, including apparel and home textiles. The company also operates through an outsourcing model for the manufacturing of cotton yarn.

Piotex Industries focuses on sourcing and distributing of cotton bales, synthetic fibres, cotton yarns and fabrics. It is strategically located in key textile hubs such as Malegaon, Ichalkaranji and Bhiwandi in Maharashtra. It also supplies cotton yarn to regions like Burhanpur and Ahmedabad.

Piotex Industries also operates in the contract labour and fabric weaving segment. The company supplies yarn to contract workers and weaving mills.