Receives bids for 69.2 lakh shares as against 55 lakh shares on offer
The IPO of First Winner Industries received bids for 69.2 lakh shares, as against 55 lakh shares on offer till 17:30 IST on the last day of issue today. The issue was subscribed 1.26 times. The First Winner Industries IPO had opened on 9 June 2008.
The First Winner Industries IPO, which was originally scheduled to close on 12 June 2008, closed today 17 June 2008, as the company had extended the IPO closing date due to poor responce to the issue. Further the price band was revised downwards from the earlier Rs 120 to Rs 130 per share to Rs 115 to Rs 125 per share.
First Winner Industries is engaged in the manufacture of grey fabrics and in trading of textile fabrics which are supplied to various wholesalers, apparel and garment manufacturers. The company has two subsidiaries, Ramshyam Textile Industries and First Winner Lifestyle (formerly Realgold Exports), which are engaged in same businesses. Ramshyam Textile Industries has 48 looms with total installed capacity of 42.24 lakh meter fabrics per annum. First Winner Lifestyle has a weaving unit with 48 looms and total installed capacity of 62 lakh meters per annum.
First Winner Industries plans to utilise the proceeds of the IPO to set up a new apparel manufacturing facility with a production capacity of 5,000 pieces of men’s wear shirts per day at an estimated cost of Rs 12.03 crore and setting up of a new weaving unit to increase its existing production capacity to 170 lakh meter per annum at an estimated cost of Rs 21.63 crore. The company also intends to make prepayment of term loan amounting to Rs 18 crore.
The company reported 4150% spurt in net profit to Rs 2.55 crore on 45.20% rise in net sales to Rs 55.50 crore in the year ended March 2007 over the year ended March 2006.
Source: CapitalMarket.com
Tuesday, June 17, 2008
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