Spunweb Nonwoven Shares Soar with Impressive Market Debut
Spunweb Nonwoven's shares surged over 65% above their issue price upon listing on the NSE's SME platform. The Gujarat-based company, involved in nonwoven fabric manufacturing, attracted significant investor interest, with its IPO being oversubscribed by 251.32 times, reflecting robust demand and confidence in its operations.
- Country:
- India
Shares of Spunweb Nonwoven, a prominent Gujarat-based manufacturer of nonwoven fabrics, made a stellar debut on the NSE's SME platform, closing the day with a premium of more than 65% over the issue price of Rs 96 per share.
The stock was initially listed at Rs 151 per share, a 57.3% premium, and subsequently ended the session at Rs 158.55, marking a 65.16% increase. The company also reported a market capitalisation of Rs 382.16 crore, significantly bolstered by the day's trading volume of 27.04 lakh shares.
The Rs 61-crore IPO was met with overwhelming enthusiasm, being subscribed 251.32 times by closing. Spunweb Nonwoven specializes in producing polypropylene spunbond nonwoven fabrics with a diverse portfolio catering to sectors like healthcare and hygiene, counting RGI Meditech and Millennium Babycares among its clients.
(With inputs from agencies.)
Google News