Piotex Industries' Shares Soar 16% On BSE SME Debut, Reaching Rs 114 Intraday High

Mumbai, May 17 (KNN) Piotex Industries Limited, a leading supplier of yarn, fabric, and cotton bales, commenced trading on the BSE SME exchange today, with its shares opening at Rs 109 apiece, marking a 16 per cent premium over the issue price of Rs 94.

The company's stock touched an intraday high of Rs 114 within minutes of listing, further extending its robust debut performance.

The initial public offering (IPO) of Piotex Industries, which was open for subscription from May 10 to May 14, 2024, garnered significant investor interest. The issue was oversubscribed by approximately 107 times, underscoring the market's confidence in the company's growth prospects.

Headquartered in Pune, Piotex Industries is a leading supplier of yarn, fabric, and cotton bales, operating on an asset-lite model. The company's products are utilised for various purposes, including garments and home furnishings. Piotex Industries distributes its products to customers across several states in India, including Maharashtra, Madhya Pradesh, and Gujarat.

Piotex Industries' listing marks the 32nd company to be listed on the BSE's SME platform in 2024. Out of the 59 companies that have received BSE listings this year, 48 have listed at a premium to their respective issue prices, highlighting the strong investor appetite for equity offerings.

The funds raised through the IPO will be utilised by Piotex Industries to meet its working capital requirements and support general corporate purposes, as outlined in the company's prospectus.

The successful listing of Piotex Industries adds to the diversity of the BSE's SME segment, providing investors with an additional opportunity to participate in the growth of an emerging enterprise.

(KNN Bureau)