According to market sources, the last recorded grey market premium (GMP) for NR Vandana Textile was 9 Rs. This reflects an estimated list price of Rs 54 per share, reflecting a 20% increase from the issuance price.
Although GMP is not an official indicator, it provides a sense of investor emotion prior to listings, indicating potential benefits based on informal market demand.
The IPO is a new issue of Rs 61.98 lakh shares and is intended to raise capital for working capital requirements and general corporate purposes. Marwadi Chandarana’s intermediary was the lead manager and was the registrar provided by Cameo Corporate Services.
This issue received an overwhelming response with 101 overall subscriptions. The Qualified Institutional Buyers (QIB) portion was subscribed 36.54 times, and the Non-Institutional Investors (NII or HNI) portion witnessed a robust 126.70 times more demand, while the retail portion also saw heavy bids.
Founded in 1992, NR Vandana Tex Industries Limited is a Kolkata-based textile company engaged in the design, production and wholesale distribution of cotton-based products such as sari, salwar suits and bed sheets. These products are sold under the in-house brands Vandana and Tanya. The company supplies products to over 1,000 wholesalers in 31 Indian states, following its inter-company (B2B) model. It also uses the B2B e-commerce platform to expand its market presence. Some manufacturing is done in-house, but some are outsourced to employing workers, and the company offers clear technical guidelines such as design, fabric type, and quality specifications.Disclaimer: The recommendations, suggestions, opinions and opinions given by experts are their own. (These do not represent views of the economic era)
