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Alpine Texworld IPO GMP points to flat listing as debut nears
The issue was subscribed 1.40 times overall, with bids for 1,68,62,642 shares against 1,20,24,000 on offer.
Alpine Texworld Ltd is set to make its stock market debut on Tuesday, 21 July, with shares to list on both BSE and NSE, according to LiveMint Markets. Ahead of the debut, the IPOs grey market premium, or GMP, is indicated at ₹ 1, pointing to a flat opening versus expectations. The GMP trackers also put the estimated listing price at ₹ 106, about 0.95% above the IPO price of ₹ 105, the report said. The company set its price band at ₹ 100 to ₹ 105 per share. Demand for the offering strengthened on the final day of bidding, with the public issue subscribed 1.40 times overall. On the NSE, the mainboard issue saw bids for 1,68,62,642 equity shares compared with 1,20,24,000 shares available for sale, while retail investors subscribed their portion 1.53 times. QIBs and NIIs were each subscribed 1.09 times, the outlet added. LiveMint Markets said the ₹ 126.25-crore IPO consists solely of a fresh issue of 1.20 crore equity shares, with no offer-for-sale component. Proceeds will be used to set up a new weaving unit at the companys proposed Manufacturing Unit 3 in Ahmedabad to increase grey fabric production capacity, with the funds also earmarked to prepay or repay certain borrowings and for general corporate requirements.