Aastha Spintex opens at ₹130 below IPO top despite oversubscription
Business
Aastha Spintex had a quiet start on the stock market, opening at ₹130 per share, 4.41% lower than the top of its IPO price range of ₹125 to ₹136.
Even though the IPO was oversubscribed by over four times, investors didn't rush in on day one, and the company's market cap settled at around ₹573.85 crore.
Aastha Spintex to buy Falcon Yarns
Funds raised from the IPO will help Aastha Spintex buy Falcon Yarns Pvt. Ltd. and fund the working capital requirements of the acquired company.
The company runs a fully integrated spinning and ginning unit in Gujarat, making various types of cotton yarns and other textile products.