Shree Ram Twistex fixes price band at Rs 95-104 per share for its Rs 110-crore IPO

Cotton yarns manufacturing company Shree Ram Twistex on February 17 has fixed price band at Rs 95-104 per share for its maiden public issue that is scheduled for opening next week. It is valued at Rs 415.7 crore at the price band. The company is raising Rs 110.24 crore at the upper price band via initial public offering (IPO). The offer consists of entirely fresh issue of 1.06 crore equity shares. The IPO will open for public subscription on February 23 and close on February 25. The Gujarat-based company will finalise IPO share allotment by February 26 and list its equity shares on the bourses on March 2. This would be among three mainboard IPOs opening next week. Clean Max Enviro Energy Solutions' Rs 3,100-crore public issue will open on the same day, while PNGS Reva Diamond Jewellery will launch its Rs 380-crore offer on February 24. Shree Ram Twistex has reserved 75 percent of its IPO size for qualified institutional buyers, 15 percent for non-institutional investors, and the remainder 10 percent for retail investors. Click Here To Read All IPO News Investors can bid for a minimum of 144 equity shares of the cotton yarns maker and in multiples of 144 shares thereafter. Hence, the minimum investment by retail investors in the IPO would be Rs 14,976, and the maximum at Rs 1,94,688. Shree Ram Twistex intends to utilise proceeds from the IPO for setting up of 4.2 MW wind power plant for captive use at the expenses of Rs 39 crore. Further, Rs 14.89 crore will be used for repayment of certain borrowings, Rs 44 crore for its working capital requirements and the remainder funds for general corporate purposes.