United Cotfab IPO: Price band, issue size, key dates, other details

The United Cotfab IPO price band has been fixed at 70 per equity share with a face value of 10 apiece. The United Cotfab IPO will kickstart its subscription on Thursday, June 13, and close on Wednesday, June 19. The United Cotfab IPO lot size consists of 2,000 shares. 

The firm manufactures high-quality open-end yarns for the textile industry. The company’s production process adheres to high quality standards and is supported by cutting-edge technology and machinery. The business employs a methodical methodology that involves raw material selection, mixing (if necessary), spinning, winding, and quality monitoring.

Nirmalkumar Mangalchand Mittal and Gagan Nirmalkumar Mittal are the promoters of the firm. The company’s promoters have over 55 years of combined expertise in the cotton textile sector.

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As per the Red Herring Prospectus (RHP), the company’s (P/E of 517.10) listed peers are Lagnam Spintex Ltd (with a P/E of 8.93), PBM Polytex Ltd (with a P/E of 209.12), and Vippy Spinpro Ltd (with a P/E of 9.47).

Tentatively, the United Cotfab IPO basis of allocation of shares will be concluded on Thursday, June 20, and the firm will commence refunds on Friday, June 21, with the shares being credited to allottees’ demat accounts on the same day. United Cotfab’s IPO shares are expected to be launched on BSE SME on Monday, June 24.

United Cotfab IPO details 

The United Cotfab IPO, worth 36.29 crore, consists of a fresh issuance of 5,184,000 equity shares at face value of 10. There is no offer-for-sale component.

The proceeds from the fresh issuance will be used to achieve the following objectives: working capital requirements, general corporate purposes, and public issue expenses.

Beeline Capital Advisors Pvt Ltd is the book-running lead manager for the United Cotfab IPO, and Purva Sharegistry India Pvt Ltd is the registrar. Spread X Securities is the market maker for United Cotfab’s IPO.

Also Read: ixigo IPO day 2: GMP, subscription status to review. Should you apply to Le Travenues Technology IPO?

United Cotfab IPO GMP today

United Cotfab IPO GMP today or grey market premium is +18. This indicates United Cotfab share price were trading at a premium of 18 in the grey market on Tuesday, according to investorgain.com.

Given the upper end of the IPO price band and the existing premium in the grey market, the expected listing price of United Cotfab shares is 88 per, which is 25.71% more than the IPO price of 70.

‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

Also Read: ixigo IPO booked over 5 times on day 2 so far on strong demand from retail investors; check GMP, subscription status

Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.

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Published: 11 Jun 2024, 03:45 PM IST

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