Shree Ram Twistex share price: Stock lists at 35% discount on NSE; here's how much investors lost

Shree Ram Twistex share price: Shares of cotton yarn manufacturer Shree Ram Twistex Ltd debuted at ₹68 per unit on the National Stock Exchange (NSE) on Monday, March 2.

This reflects a discount of 34.62% against the IPO issue price of ₹104 per share.

On the BSE, the stock started trading at ₹70, down 32.69% from the issue price.

Shree Ram Twistex share price: Here's how much investors lost

The initial public offering, with a price band of ₹95 to ₹104 per share, sought to raise ₹110.24 crore via exclusively a fresh issuance of 1.06 crore shares.

The funds generated will be utilised for establishing wind and solar power plants, debt repayment, meeting working capital needs and for corporate general purposes.

"Our company expects to receive the benefits of listing of the equity shares on the stock exchanges and enhancement of our company’s visibility and brand image and creation of a public market for our equity shares in India," the firm said in its red herring prospectus.

The IPO was subscribed 43.62 times, with bids for 46,23,71,472 shares against 1,06,00,000 shares on offer, as per data available with the BSE.

Shree Ram Twistex Ltd makes cotton yarns, including carded yarns and compact ring-spun, both carded and combed. Its product range includes value-added yarns like lycra-blended yarns, Eli Twist (combed and carded) and compact slub yarns. Its yarns are used in both knitting and weaving, serving various end-use segments such as denim, shirting, sweaters, socks, terry towels, bottom wear, home textiles, sheeting and industrial fabrics.

The company operates primarily in the business-to-business (B2B) segment, supplying its products to institutional buyers like garment exporters, textile manufacturers, fabric processors and bulk purchasers.