Aastha Spintex IPO fully subscribed by day 2, 1.16x overall
Business
Aastha Spintex's IPO saw strong demand, getting fully subscribed by day two. The issue was subscribed 1.16 times overall by Tuesday afternoon.
While retail investors showed some interest, noninstitutional buyers led the charge with a subscription rate of 1.81 times.
Aastha secures ₹170cr for Falcon Yarns
Priced at ₹125 to ₹136 per share, the IPO also brought in ₹170 crore from anchor investors.
The funds will help Aastha buy Falcon Yarns Pvt Ltd and boost working capital for the acquired company's cotton yarn business based in Gujarat.
Shares are tentatively scheduled to list on BSE and NSE on July 6, as Aastha aims to grow its footprint in the cotton yarn market.