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Sonaselection India Shares Debut Above IPO Price, Hit Upper Circuit
Sonaselection India is a textile company that began trading its shares on Thursday, September 24.
Its IPO price was ₹99 per share.
The shares opened above that price on both Indian stock exchanges.
They later rose to the maximum allowed price for the day.
The company’s value in the market reached ₹608.58 crore after listing.
Its IPO raised about ₹141.6 crore.
The company said it would use the money to repay debt, buy machinery and cover general expenses.
Sonaselection India makes and processes fabric at a facility in Bhilwara, Rajasthan.
Sonaselection India shares listed at ₹102 on the BSE, about 3% above the ₹99 IPO issue price.
On the NSE, the shares opened at ₹102.31, a 3.34% premium to the issue price.
The stock later reached upper circuit levels of ₹107.09 on the BSE and ₹107.42 on the NSE.
The ₹141.6 crore IPO was subscribed two times and comprised entirely of a fresh issue of 1.43 crore shares.
Sonaselection India plans to use the proceeds for debt repayment, machinery purchases and general corporate expenses.
- Who
- Sonaselection India Ltd, a textile manufacturer.
- What
- The company’s shares made their stock-market debut above the ₹99 IPO issue price and later hit upper circuit levels.
- Where
- The shares listed on the BSE and NSE, while the company operates a manufacturing facility in Bhilwara, Rajasthan.
- When
- Thursday, September 24; the article does not specify the year.
- Why
- The IPO proceeds are intended for debt repayment, plant and machinery purchases, and general corporate expenses.
Key facts
- IPO size
- ₹141.6 crore
- IPO price band
- ₹94 to ₹99 per equity share
- Issue price
- ₹99 per share
- IPO subscription
- Two times by the close of bidding
- BSE listing
- ₹102, approximately 3% above the issue price
- NSE listing
- ₹102.31, a 3.34% premium
- Post-listing market valuation
- ₹608.58 crore
Sources
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