The IPO of Aastha Spintex will open for subscription on Monday, with the grey market premium (GMP) hovering around 4%, indicating modest listing gains if current sentiment sustains. The Rs 170 crore IPO is entirely a fresh issue of shares with no offer-for-sale component. The issue is priced in the band of Rs 125-136 per share and will close for subscription on July 1. The shares are proposed to be listed on the BSE and NSE.
The company plans to utilise the proceeds for the acquisition of Falcon Yarns, funding the working capital requirements of Falcon Yarns and general corporate purposes.