United Cotfab IPO fully subscribed on Day 1 itself - Check Latest GMP & Subscription Status

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United Cotfab IPO fully subscribed on Day 1 itself - Check Latest GMP & Subscription Status

CA Abhay Varn

13/Jun/2024

UNITED COTFAB LIMITED, a Fixed Price issue amounting to Rs 36.28 crores, consisting entirely of a fresh issue of 51.84 lakh shares. The subscription period for the IPO opens on June 13, 2024, and closes on June 19, 2024. The allotment is expected to be finalized on THURSDAY, JUNE 20, 2024, and the shares will be listed on the BSE SME with a tentative listing date set for MONDAY, JUNE 24, 2024.

The price is set at ₹70 per share, with a minimum lot size of 2000 shares. Retail investors are required to invest a minimum of ₹140,000, while the minimum investment for High-Net-Worth Individuals (HNIs) is 2 lots (4000 shares), amounting to ₹280,000. The Grey Market Premium is expected in the range of Rs 11 - Rs. 21 based on the financial performance and subscription status of the company.

As of 06:00 PM on the first day of subscription, United Cotfab subscribed over 2.97 times on BSE across all category. Source: BSE.

UNITED COTFAB LIMITED, a Fixed Price issue amounting to Rs 36.28 crores, consisting entirely of a fresh issue of 51.84 lakh shares. The subscription period for the IPO opens on June 13, 2024, and closes on June 19, 2024. The allotment is expected to be finalized on THURSDAY, JUNE 20, 2024, and the shares will be listed on the BSE SME with a tentative listing date set for MONDAY, JUNE 24, 2024.

The price is set at ₹70 per share, with a minimum lot size of 2000 shares. Retail investors are required to invest a minimum of ₹140,000, while the minimum investment for High-Net-Worth Individuals (HNIs) is 2 lots (4000 shares), amounting to ₹280,000.

Also Read:- GP ECO SOLUTION (GPES SOLAR) IPO Review - Issue Date, Price, GMP, Allotment, Lot Size, and Details which is opening on June 14, 2024 and indicating strong listing gain opportunities

Beeline Capital Advisors Private Limited is the book-running lead manager, Purva Sharegistry (India) Private Limited is the registrar. Spread X Securities Private Limited is also the market maker for the United Cotfab IPO.

United Cotfab is promoted by Mr. Nirmalkumar Mangalchand Mittal and Mr. Gagan Nirmalkumar Mittal and they have a combined experience of more than 55 years in the field of cotton textile industry since 1983.

United Cotfab has operated full year in FY2024 only and has shown stellar performance in that year. The company has reported revenue of ₹ 115 Crore and Profit of ₹ 8.6 Crore. The company have generated good returns on Capital Employed at 26.95% and Return on Equity at 72.76%. RonW of the company is 63.89%.

For the IPO,United Cotfab is issuing shares at a pre-issue EPS of Rs. 7.97 and a post-issue EPS of Rs. 5.04. The pre-issue P/E ratio is 8.78, while the post-issue P/E ratio is 13.88 against the industry P/E ratio of 26. These metrics suggest that the IPO is fairly priced. Read deatiled United Cotfab ipo analysis here.

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United Cotfab IPO fully subscribed on Day 1 itself - Check Latest GMP & Subscription Status

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