Sonaselection India Makes a Strong Market Entry With Over 3% Premium, Shares Hit Upper Circuit
Mumbai: Shares of Sonaselection India Ltd made a positive stock market debut on Thursday, September 24, listing more than 3% above their IPO issue price of ₹99. The textile company’s shares later climbed to the upper circuit limit on both the BSE and NSE . On the BSE, Sonaselection India shares opened at ₹102, a gain of about 3% over the issue price. The stock then rose to ₹107.09, its upper…
Mumbai: Sonaselection India Ltd experienced a robust market debut on Thursday, September 24, initially trading 3% above its IPO price of ₹99. The company's shares surged to the upper circuit limit on both the BSE and NSE, with the BSE price reaching ₹107.09, a 8.17% increase from the issue price. On the NSE, shares opened at ₹102.31, representing a 3.34% premium, and climbed to ₹107.42, an 8.50% gain from the IPO price.
The IPO, valued at ₹608.58 crore, garnered a 2x subscription, underscoring strong investor interest. Sonaselection India, established in 2022, specializes in fabric manufacturing and processing in Bhilwara, Rajasthan, a key textile hub. The company intends to utilize IPO funds for debt repayment, plant upgrades, and general business expenses.
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