Politics · India Bureau
Sonaselection India launches ₹141.6 crore IPO with ₹94-99 price band
Bhilwara-based textile manufacturer Sonaselection India has fixed its IPO price band at ₹94-99 per share, with subscription opening September 17. The company aims to raise ₹141.6 crore through fresh equity issuance.
LSN India ·
Sonaselection India Ltd, an integrated fabric manufacturing and processing company, announced its initial public offering details on Thursday with a price band of ₹94-99 per equity share. The public issue, comprising 1.43 crore fresh equity shares valued at ₹141.57 crore at the upper end, carries no offer for sale component.
The IPO subscription will commence on September 17 and close on September 21, with anchor investor bidding scheduled for September 16. The Rajasthan-based company, headquartered in Bhilwara, plans to utilise IPO proceeds for debt reduction, capital expenditure on plant and machinery at its manufacturing facility, and general corporate purposes.
Founded in 2022, Sonaselection India operates an integrated manufacturing and processing facility in Bhilwara, a recognised hub for textile processing and manufacturing in India. The location provides the company access to skilled labour and established textile industry infrastructure, supporting its core fabric manufacturing operations.
The company's maiden public offering marks an expansion in fundraising for the relatively young textile manufacturer as it seeks to strengthen its balance sheet and capacity.