First Winner IPO extended, to close on June 17
Almondz Global Securities, the sole book running lead manager of First Winner Industries’ initial public offer, has extended the closing date of the issue. The IPO will now close on Jun 17, instead of the earlier Jun 12. Further, the price band has been revised lower to Rs 115-Rs 125 from Rs 120-Rs 130 per share.
The public issue of 55 lakh share was subscribed 0.74 times till 3 pm on Friday. The total number of bids received were 40,54,300 shares, and at the cut-off price 11,85,450 bids were received, as per the NSE website.
Post-issue, the promoters’ holding in the company will fall to 41.4 per cent from around 60 per cent at present. The company plans to utilize the funds to set up a new apparel manufacturing facility at an estimated cost of Rs 1,203.98 lakh with production capacity of 5,000 pieces per day of men’s shirts.
It also plans a new weaving unit at an estimated cost of Rs 2,163.47 lakh to increase its existing production capacity to 170 lakh meter per annum. The company also intends to prepay term loan amounting to Rs 1,800 lakh.
