Cedaar Textile IPO: Price Band, Latest GMP, Offer Size And Other Key Details
Incorporated in 2020, Cedaar Textile Ltd. manufactures melange yarn used in household textiles, woven goods, and hosiery.
Cedaar Textile Ltd. launched its initial public offering on Monday. The Rs 60.9-crore book-built issue comprises solely a fresh issuance of 43.5 lakh equity shares.
Incorporated in 2020, Cedaar Textile Ltd. manufactures melange yarn used in household textiles, woven goods, and hosiery. The company serves both domestic and global clients. It blends fibres like cotton, polyester, viscose and acrylic.
Investors keen to participate in the Cedaar Textile IPO subscription should check the following details before applying for shares.
Cedaar Textile IPO Details
Out of the total 43,50,000 shares being offered by Cedaar Textiles, 2,18,000 shares (5.01%) are reserved for market makers, 13,04,000 shares (29.98%) for Qualified Institutional Buyers and 13,28,000 shares (30.53%) for Non-Institutional Investors. The company has set aside 15,00,000 shares (34.48%) for retail investors.
The price band for this IPO has been set at Rs 130 to Rs 140 per share and a single lot size comprises 1,000 shares.
Retail investors can apply for a single lot size, amounting to an investment of Rs 1,40,000. High Net-worth Individuals must apply for at least two lots, or 2,000 shares, totalling Rs 2,80,000.
Fast Track Finsec Pvt. is the book-running lead manager for the Cedaar Textile IPO. Skyline Financial Services Pvt. is the registrar, while NNM Securities Pvt. is the market maker.
Cedaar Textile IPO will remain open for subscription from June 30 to July 2.
The IPO allotment status is likely to be finalised on July 3. The company is scheduled to transfer the shares to the demat accounts and process refunds on July 4.
Shares of the company are scheduled for listing on the NSE SME platform on July 7.
Cedaar Textile IPO Subscription Details
The Cedaar Textile IPO has been subscribed 0.01 times as of 11:54 a.m. on Monday.
Retail Investors: 0.02 times
Qualified Institutional Investors: nil
Non-Institutional Investors: nil
*The subscription status will be updated at regular intervals
Cedaar Textile IPO GMP
The last GMP (grey market premium) for the shares of Cedaar Textile was Rs 10 on Monday, according to InvestorGain. With the upper price band of the IPO at Rs 140, the expected listing price adds up to Rs 150. The GMP indicates listing of shares at a premium of 7.14% apiece.
Note: GMP does not represent official data and is based on speculation.
Cedaar Textile Financials And Use Of IPO Proceeds
According to the company, the IPO funds will be used for installing a grid-tied solar PV rooftop system for captive power evacuation, modernising machinery and meeting working capital needs. It will also support other general corporate purposes, helping the company’s operational and growth plans.
In the FY24 quarter, Cedaar Textile reported a 17% increase in revenue at Rs 191.01 crore, up from Rs 161.88 crore in FY23. PAT rose to more than double at Rs 11.05 crore from Rs 4.59 crore in the preceding fiscal.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
