Aastha Spintex Shares Make Tepid Debut, Stock Lists With Over 4% Discount On NSE and BSE

Aastha Spintex shares made their debut on the NSE and BSE on July 6. Aastha Spintex shares made their debut on the NSE at Rs 130 apiece, compared to the issue price of Rs 136 apiece. On the other hand, Aastha Spintex shares made their debut on the BSE at Rs 130 apiece with losses of 4.46 per cent.

Aastha Spintex Listing Day Gain

Aastha Spintex  IPO applicants who were allotted a minimum of one lot or 110 shares of Aastha Spintex would have lost at least Rs 660 (Rs 136 - Rs 130 x 110) once the textile company’s shares listed on the exchange.

Soon after Aastha Spintex shares were listed, 6.81 million shares of the textile company traded hands on the NSE. The Gujarat-based company’s total market capitalisation stood at Rs 573.85 crore.

Aastha Spintex IPO: Offer Size

Aastha Spintex IPO was worth Rs 170 crore. The cotton yarn and bales manufacturer’s issue consisted of a fresh issuance of 12.5 million shares. Aastha Spintex IPO price band was fixed at Rs 125- Rs 136 per share.

Aastha Spintex IPO: Subscription

The minimum lot size for application for retail investors was fixed at 1 lot or 110 shares, which aggregated to an investment of Rs 14,960. Aastha Spintex IPO was oversubscribed 4.64 times in its subscription period which started on June 29 and ended on July 1. Investors across categories placed bids for over 63.12 million shares compared to the 13.6 million shares offered for subscription.

The non-institutional investors (NII) quota of the textile manufacturer was booked 7.62 times. The Aastha Spintex IPO was booked 2.33 times in the retail individual investor category. The cotton yarn maker’s issue was booked 3.30 times in the Qualified Institutional Buyers (QIB) category.

Aastha Spintex: Promoters 

Aastha Spintex’s promoters held 74.23 per cent stake in the company before the public issue. The promoters include Patel Divyang Jashwantbhai, Rasiklal Valjibhai Patel, Gothi Vivek Rasiklal, and Jashwantbhai Valjibhai Patel will reduce their stake to 53.21 per cent post-IPO.

Aastha Spintex IPO: Objective 

Aastha Spintex will use the funds raised via the initial public offering for part payment of the purchase consideration for the acquisition of Falcon Yarns Private, inter-corporate deposits for funding working capital requirements of Falcon Yarns Private, and general corporate purposes.

At the time of writing shares of Aastha Spintex traded at Rs 132 apiece up by 1.55 per cent on the NSE.