Piotex Industries IPO Listing

Piotex Industries IPO Listing: The listing of shares of Piotex Industries, a contract manufacturing and trading company, on May 17 was good.

The shares were listed at Rs 109 on the BSE SME platform, with a premium of about 16 per cent over the IPO price band of Rs 94.

The stock jumped 5 percent during the day and touched the upper price band of Rs 114.45.

But the upper circuit was not implemented. At the close of trading, the stock settled at Rs 114.30, up 4.86 percent from its listing price.

Piotex Industries was started in the year 2019. The company is engaged in contract manufacturing and trading of yarn, synthetic fibres, fabrics, cotton bales. The company also manufactures cotton yarn under an outsourcing model.

How much was Piotex Industries IPO subscribed?

Piotex Industries IPO opened on May 10 and closed on May 14. In this 15.4 lakh new shares were issued.

The IPO was subscribed a total of 107.44 times. The reserved portion for non-institutional investors was subscribed 115.21 times and the reserved portion for retail investors was subscribed 93.33 times. The price band for the IPO was Rs 94 per share.

How strong is company financially?

The promoters of Piotex Industries are Abhay Shriram Asalkar and Yogesh Omprakash Nimodiya.

Before the IPO, the promoters held 100 percent shares in the company. After the IPO, this shareholding came down to 69.83 percent.

The revenue of Piotex Industries in the financial year 2023-24 increased by 37.23 percent on an annual basis to about Rs 119 crore.

During this period, net profit increased by 4.17 percent on annual basis to Rs 3 crore.