Sonaselection India IPO subscribed 35% so far on Day 1: Check price band, lot size and key dates

The initial public offering of integrated fabric manufacturing and processing company Sonaselection India Ltd has been subscribed 35% so far on the first day of bidding on Thursday, September 17. The issue will end on September 21.

The IPO, with a price band of ₹94 to ₹99 per share, received bids for 34,98,450 shares compared to 1,00,10,000 shares on offer, according to the data available on the National Stock Exchange (NSE) website until 2:40 pm.

The category for non-institutional investors (NIIs) was subscribed 14%, and the portion for retail investors received 58% subscription. The qualified institutional buyers' part was subscribed 11%.

The ₹141.57 crore initial share sale is exclusively a fresh issuance of 1.43 crore shares. There is no offer for sale component.

The net proceeds will be used for the following objectives:

• Repayment of certain borrowings availed by the firm from banks
• Funding of capital expenditure requirements towards the purchase of plant and machinery at the existing manufacturing plant in Rajasthan
• General corporate purposes

"Our company expects to receive the benefits of listing of the Equity Shares, including to enhance our visibility and our brand image among our existing and potential customers, and to create a public market for our Equity Shares in India," according to the red herring prospectus.

Sonaselection India IPO: Lot size

The minimum investment for an application is 150 shares and in multiples thereof.

Sonaselection India IPO: Allotment and listing date

Before the IPO, the company raised ₹42.47 crore from anchor investors, including Astorne Capital VCC-Arven, India Max Investment Fund Ltd and Lords Multigrowth Fund.

Sonaselection India is an integrated fabric manufacturing and processing firm involved in the production of value added products.