United Cotfab share price makes a lukewarm debut, stock opens with a mere 7% premium at ₹75 apiece on BSE SME

  • United Cotfab share price opened at 75, which is 7.14% higher than the issue price of 70.

Dhanya Nagasundaram
First Published24 Jun 2024, 10:02 AM IST
United Cotfab share price lists on BSE SME today.
United Cotfab share price lists on BSE SME today.(www.unitedcotfab.com/)

United Cotfab share price made a lukewarm debut on BSE SME today. United Cotfab share price opened at 75, which is 7.14% higher than the issue price of 70. Following a tepid listing, stock gained over 12% trading at 78.75 apiece at 10:10 IST. 

The price band for the United Cotfab IPO was set at 70 for each equity share, which has a face value of 10. The subscription period for the United Cotfab IPO began on Thursday, June 13, and ended on Wednesday, June 19. Two thousand shares made up each lot in the United Cotfab IPO. On the last bidding day, United Cotfab IPO subscription status was 107.16 times. 

Also Read: United Coftab IPO allotment to be finalised soon: Here's how to check allotment status as focus shifts to listing

The company produces premium open-end yarns for the textile sector. The firm uses state-of-the-art equipment and technology to assist its production process, which complies with strict quality requirements. The company has a rigorous process that includes choosing raw materials, spinning, winding, blending (if needed), and quality control.

Nirmalkumar Mangalchand Mittal and Gagan Nirmalkumar Mittal are the promoters of the firm. In the cotton textile industry, the company's promoters have over 55 years of combined experience.

The company's listed counterparts (P/E of 517.10) include Vippy Spinpro Ltd (P/E of 9.47), Lagnam Spintex Ltd (P/E of 8.93), and PBM Polytex Ltd (P/E of 209.12), according to the Red Herring Prospectus (RHP).

United Cotfab IPO details

The 36.29 crore United Cotfab IPO comprises a new issue of 5,184,000 equity shares with a face value of 10. There isn't a component that is for sale.

The following goals will be accomplished with the proceeds from the new issuance: public issue expenditures, general company purposes, and working capital requirements.

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: United Cotfab IPO price band set at 70 apiece; SME IPO to kick off for subscription on June 13

United Cotfab IPO GMP today

United Cotfab IPO GMP today or grey market premium is +13. This indicates United Cotfab share price were trading at a premium of 13 in the grey market on Monday, according to investorgain.com.

The anticipated listing price of United Cotfab shares is 83 per share, which is 18.57% greater than the IPO price of 70, given the top end of the IPO pricing band and the current premium on the grey market.

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

Also Read: United Cotfab IPO subscribed over 48 times on day 4; check latest GMP, subscription status, key dates, more

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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First Published:24 Jun 2024, 10:02 AM IST
HomeMarketsIPOUnited Cotfab share price makes a lukewarm debut, stock opens with a mere 7% premium at ₹75 apiece on BSE SME

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