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United Cotfab makes stable debut on the stock market; lists at 7% premium | Market News

United Cotfab makes stable debut on the stock market;  lists at 7% premium |  Market News
United Cotfab makes stable debut on the stock market;  lists at 7% premium |  Market News

 


United Cotfab list: Shares of United Cotfab made a stable debut on BSE SME on June 24, 2024. The shares opened at Rs 75, marking a rise of 7.14 percent from the issue price of Rs 70.

After the listing, the stock jumped 12.5 per cent to hit an intraday high of Rs 78.75 per share.

Founded in 2015, United Cotfab Limited specializes in the production of premium open ended yarns for the textile sector. Its clientele includes textile manufacturers, clothing exporters and distributors. The company offers a range of products, including open ended cotton yarn and cotton yarn, manufactured at its state-of-the-art factory located in Taluka, Ahmedabad.

As of March 31, 2024, the company employed 118 people and operated an annual production capacity of approximately 9,125 metric tons.

The company's market capitalization is Rs 135.37 crore, according to the Bombay Stock Exchange (BSE).

Subscription details

United Cotfab's IPO saw strong demand, with an overall subscription rate of 107.16 times. Specifically, the Retail category has subscribed 77.22 times, while the Others category has subscribed 114.71 times as of June 19, 2024.

IPO Details

The United Cotfab IPO was a fixed price issue of Rs 36.29 crore, with a fresh issue of 51.84 lakh shares.

United Cotfab's IPO offering began on June 13, 2024 and ended on June 19, 2024.

Beeline Capital Advisors Pvt Ltd was the lead manager of United Cotfab's IPO, while Purva Sharegistry India Pvt Ltd was the issue registrar. The market maker for the United Cotfab IPO was Spread X Securities.

Objective

The Company plans to use the funds to meet its working capital requirements, general corporate purposes and to meet public offering expenses.

Financial performance

United Cotfab Limited's revenues soared by 17,945.5 per cent and profit after tax (PAT) soared by 6,121.4 per cent between the financial year ending March 31, 2024 and March 31, 2023.

First publication: June 24, 2024 | 11:21 a.m. EAST

Sources

1/ https://Google.com/

2/ https://www.business-standard.com/markets/news/united-cotfab-makes-flat-stock-market-debut-lists-at-7-premium-124062400251_1.html

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