Fascinate Textiles slips 20% on NSE SME despite 1.5x-subscribed IPO
Business
Fascinate Textiles had a tough first day on the NSE's SME platform. Shares opened at ₹120.80, down 20% from the IPO price of ₹151, and slipped further to ₹114.80.
This was pretty surprising since the IPO got decent attention, with subscriptions nearly one-and-a-half times over.
₹64.83cr IPO for factory and debt
The ₹64.83 crore raised includes both new shares and an offer for sale.
Fascinate plans to use the net IPO proceeds for a new manufacturing facility, working capital, and paying off loans; some will go toward expanding capacity and general corporate needs.
Barasat-based Fascinate makes ready-made garments
Based in Barasat, North 24 Parganas, West Bengal, Fascinate is engaged in manufacturing ready-made garments for men, women, and children, with a focus on children's apparel.