New Delhi, July 21 (H.S.): The shares of Spunweb Nonwoven Limited debuted strongly on the stock market, with an IPO share price of ₹96. Upon listing on the NSE's SME platform at ₹151, the shares reflected a 57.29% premium and quickly surged to the upper circuit level of ₹158.55, providing IPO investors with a profit of 65.16% on the first trading day.

The ₹60.98 crore IPO was open for subscription from July 14 to 16, achieving an impressive overall subscription rate of 251.32 times, with QIBs at 165.43 times, NIIs at 364.58 times, and retail investors at 251.84 times. A total of 6,351,600 new shares were issued. The raised funds will address working capital, debt repayment, and corporate purposes.

Financially, the company’s prospects are positive, with a reported net profit of ₹1.13 crore for FY 2022-23, projected to rise to ₹5.44 crore in FY 2023-24, and ₹10.79 crore in FY 2024-25, alongside revenue growth at a CAGR of over 38%, reaching ₹227.14 crore.

Hindusthan Samachar / Jun Sarkar