India's Sanathan Textiles surges 32% in debut trade

Sanathan Textiles

27/12/2024 09:45

** Sanathan Textiles  SNAT.NS  soars as much as 31.8% to 423
rupees on its first day of trading 
    ** The technical textiles firm's stock opened at 422.3
rupees, about 32% higher than its IPO price of 321 rupees
    ** Stock has not fallen below IPO price and was last up ~22%
    ** Sanathan sold shares worth 4 bln rupees, while investors
sold the rest in the 5.5 bln rupees ($64.3 mln) IPO 
    ** IPO was oversubscribed by 35.12 times 
    ** Co to use proceeds to re-pay debt and for investments
 
 ($1 = 85.5300 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))