Piotex Industries shares debut at 16% premium over IPO price
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The shares of Piotex Industries listed on the BSE SME platform on Friday with a premium of 16%. The stock debuted at Rs 109 as against an issue price of Rs 94 apiece. Ahead of the listing, the company's shares traded with a premium of Rs 30 in the unlisted market. The IPO, which was completely a fresh equity issue of 15.39 lakh shares, received a healthy response from investors with an overall subscription of over 100 times at close. The net proceeds from the public offer will be used for working capital requirements, general corporate purposes and public issue expenses. The company is in the business of contract manufacturing and trading of yarn, fabric and cotton bales. Its products are used for various purposes such as garments and home furnishings, etc.Also Read: Rulka Electricals IPO opens today: Check issue size, price band, GMP and other detailsIt engages in the trading of cotton bales. Piotex also makes cotton yarn through out...