Piotex Industries shares debut at 16% premium over IPO price

The , 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 of , and . Its products are used for various purposes such as garments and home furnishings, etc.

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It engages in the trading of cotton bales. Piotex also makes cotton yarn through out-sourcing models (Job-work) which are almost always in demand by the garment manufacturing industry.

The company is engaged mainly in 2 activities -- trading of cotton bales, synthetic fiber, cotton yarn, and fabric and manufacturing through job work and fabric weaving job, in which it provides the yarn to job workers and weaving unit and they do the process of weaving on contracted charges and return the finished goods.

India is the fifth largest producer of technical textiles in the whole world with a market size of nearly $22 billion, which the company hopes to build up to $300 billion when the country turns 100 by 2047.

For the year ended March 2024, the company clocked revenues of Rs 118 crore and net profit of Rs 3 crore.

acted as the lead manager to the issue and was the registrar.