As per market sources, the last recorded grey market premium (GMP) for NR Vandana Textile stood at Rs 9. This places the estimated listing price at around Rs 54 per share, reflecting a likely gain of 20% over the issue price.
Although the GMP is not an official indicator, it provides a sense of investor sentiment ahead of listing and indicates the potential upside based on informal market demand.
The IPO, which was entirely a fresh issue of 61.98 lakh equity shares, aimed to raise capital to fund working capital requirements and for general corporate purposes. Marwadi Chandarana Intermediaries served as the lead manager, and Cameo Corporate Services was the registrar for the offering.
The issue received an overwhelming response, with an overall subscription of 101 times. The qualified institutional buyer (QIB) portion was subscribed 36.54 times, the non-institutional investor (NII or HNI) portion witnessed a robust 126.70 times demand, while the retail portion also saw heavy bidding.
Founded in 1992, N R Vandana Tex Industries Limited is a Kolkata-based textile company engaged in the design, production, and wholesale distribution of cotton-based products such as sarees, salwar suits, and bed sheets. These products are sold under the in-house brands Vandana and Tanya.The company follows a business-to-business (B2B) model, supplying its goods to over 1,000 wholesalers across 31 states in India. It also uses a B2B e-commerce platform to extend its market presence. While some manufacturing is done in-house, a portion is outsourced to job workers, with the company providing clear technical guidelines including designs, fabric types, and quality specifications.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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