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Alpine Texworld shares debut at IPO price after muted demand
The stock opened at ₹105 on both NSE and BSE, and a ₹1 grey market premium suggested only a small step up to about ₹106.
Alpine Texworld shares had a muted debut in India, listing on 21 July at ₹105 per share on both the NSE and the BSE, the same level as the IPO issue price, according to LiveMint Markets.
The listing lagged Street expectations, with the grey market premium around ₹1 per share, implying a likely listing price near ₹106, or a premium of about 0.95% over the offer price. Demand on the final day of bidding was also subdued, with the public issue subscribed 1.40 times overall.
LiveMint Markets said the issue was subscribed 1.53 times in the retail portion, while both QIBs and NIIs were booked 1.09 times each. The company received bids for 1.68 crore shares versus 1.20 crore shares on offer, and the ₹126.25 crore IPO was a 100% fresh issue of 1.20 crore equity shares with no OFS.
The firm said it plans to use net proceeds to set up a new weaving unit at its proposed Manufacturing Unit 3 in Ahmedabad, Gujarat, to expand grey fabric production, and to prepay or repay certain outstanding borrowings, with the balance for general corporate purposes. The price band was ₹100 to ₹105, and the minimum retail application size was one lot of 142 shares, or ₹14,910 at the upper end of the band.