Avi Ansh Textile IPO Set To Open On Sept. 20 — Price, Issue Size And Other Details
The share allotment status for Avi Ansh Textile IPO is expected to be finalised on Sept. 25.
The initial public offering of Avi Ansh Textile Ltd. is set to open for subscription on Sept. 20. The offering is entirely a fresh issue of 41.94 lakh shares to raise Rs 26 crore from the market. Investors can submit their bids for the IPO till Sept. 24.
The share allotment status for Avi Ansh Textile IPO is expected to be finalised on Sept. 25. This will be followed by the initiation of refunds for the non-allottees and credit of shares to demat accounts of successful bidders on Sept. 26. Shares of Avi Ansh Textile Ltd. are set to list on NSE SME platform, Emerge, with a tentative listing date of Sept. 27.
The offering is a fixed price issue, offering shares at Rs 62 apiece. Retail investors can participate in the IPO with a minimum lot size of 2,000 shares, requiring an investment of Rs 1,24,000 for one lot.
For high net worth individuals, the minimum lot size in Avi Ansh Textile IPO is 2 lots or 4,000, totalling an investment of Rs 2,48,000.
The company has appointed Skyline Financial Services Pvt. as the registrar for the issue whereas 3Dimension Capital Services Ltd. is the book-running lead manager of Avi Ansh Textile IPO.
Nikunj Stock Brokers Ltd. is the market maker of the offering.
Business
Avi Ansh Textile, established in April 2005, is a manufacturer and exporter of cotton yarn. The company has a production capacity of 4,500 metric tonnes. The company caters to both domestic and international markets. Apart from cotton yarns, the company also produces various fabric types such as single jersey, rib knit and interlock fabric.
Use Of Proceeds
Avi Ansh Textile Ltd. plans to use the net proceeds from the IPO to support its capital requirement. Further, a portion of the money raised through the offer will be used for debt reduction and covering issue-related expenses.
Financial Performance
For the financial year ending March 31, 2024, Avi Ansh Textile Ltd. recorded consolidated revenue from operations of Rs 142.14 crore as against Rs 121.49 crore in the previous fiscal. The company's net profit in fiscal 2024 was Rs 3.31 crore, up from Rs 28.74 lakh in fiscal 2023.
