Piotex Industries was incorporated on October 24, 2019. The company is engaged in the contract manufacturing and trading of yarn, fabric, and cotton bales. Its products are used in various applications, including garments and home furnishings. Piotex Industries also trades in cotton bales and manufactures cotton yarn through an outsourcing model (job work), which is consistently in demand by the garment manufacturing industry.
| Bidding Dates |
|---|
| 10 May 2024 - 14 May 2024 |
| Subscription |
|---|
| 102.05x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹1,12,800 | 1 | 1 | 1200 | 1.5 M | ₹94 | 65.95 % | ₹144.7 M | RHP DOC |
Piotex Industries IPO SUBSCRIPTION STATUS
14 May '24Piotex Industries IPO overall subscription rate was 102.05 times the total available shares
Piotex Industries IPO retail subscription rate was 88.6 times in the retail segment
Piotex Industries IPO non-institutional investor subscription rate was 115.5 times in the non-institutional investor category
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 50% | 50% | - |
14 May 2024 (Day 3) | 88.6x | 115.5x | - |
13 May 2024 (Day 2) | 5.75x | 1.71x | - |
10 May 2024 (Day 1) | 0.72x | 0.8x | - |
Piotex Industries FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| FY24 | 30.1 | 1,184.6 | -24.4 | -24.4 | 3.2% |
| FY23 | 28.9 | 860.1 | -12.2 | -13.5 | 4.8% |
| FY22 | 7.4 | 802.2 | 0.8 | 0.8 | 1.4% |
Piotex Industries IPO SUBSCRIPTION STATUS DETAILS
Piotex Industries had 1.5 M shares on offer
Piotex Industries IPO offer price was ₹94
Piotex Industries IPO minimum Investment was ₹112800
Piotex Industries IPO issue size was ₹ 144.7 M
Piotex Industries had a minimum lot size of 1200 Shares per application
Piotex Industries NUMBER OF SHARES ON OFFER
Piotex Industries IPO IMPORTANT DATES
| Issue Open Date | 10 May 2024 |
| Issue close Date | 14 May 2024 |
| Allotment Date | 15 May 2024 |
| Refund Date | 16 May 2024 |
| Demat Account Credit Date | 16 May 2024 |
| Listing Date | 17 May 2024 |
| Listing on Exchange(s) | BSE |
| Piotex Industries Allotment Status | Exchange |
Piotex Industries IPO subscription opened on 10 May 2024, and closed on 14 May 2024
IPO allotment for Piotex Industries was finalized on Wednesday, 15 May 2024
IPO listing for Piotex Industries was on BSE on Friday, 17 May 2024
Piotex Industries IPO LISTING GAINS
| Issue Price (adjusted) | 94.0 |
| Listing Open Price | 109.0 |
| Listing Close Price | 114.3 |
| Listing Gain% | 16.0% |
| Current Gain% | -66.5% |
Piotex Industries Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Piotex Industries Ltd. | 31.5 | 16.1 | 24.5 | -0.3 | 0.2 | 2.5 | 2.2 | 90.9 | -32.5 | 0.7 | -80.5 | 1.3 | -80.5 |
| KPR Mill Ltd. | 1076.7 | 36803.1 | 42.5 | 6.7 | 5.5 | 15.2 | 12.7 | 6784.3 | 5 | 866.5 | 6.3 | 25.4 | 6.3 |
| Vardhman Textiles Ltd. | 606.8 | 17563.9 | 20.7 | -43.8 | 1.7 | 7.1 | 5.4 | 10092.5 | -0.3 | 745.2 | -15.6 | 29.3 | -0.5 |
| Welspun Living Ltd. | 164.1 | 15738.7 | 77 | -1.1 | 1.7 | 4.2 | 2 | 9467.9 | -11.5 | 204.4 | -68 | 2.1 | -68 |
| Arvind Ltd. | 560.6 | 15249.2 | 36.8 | 2.2 | 1.6 | 10.2 | 4.7 | 9359.5 | 11.5 | 413.9 | 17.1 | 15.2 | 17.1 |
| Trident Ltd. | 25.2 | 12831.6 | 32.5 | -3.5 | 1.9 | 7.9 | 5 | 6775.2 | -3.9 | 377.1 | 2 | 0.8 | -9.4 |
Piotex Industries INFORMATION ON IPO ISSUE
About Piotex Industries
Piotex Industries was incorporated on October 24, 2019. The company is engaged in the contract manufacturing and trading of yarn, fabric, and cotton bales. Its products are used in various applications, including garments and home furnishings. Piotex Industries also trades in cotton bales and manufactures cotton yarn through an outsourcing model (job work), which is consistently in demand by the garment manufacturing industry.
Object of the Issue
- Funding the working capital requirement
- General corporate purpose
Piotex Industries - PROMOTERS
| Name |
|---|
| Abhay Shriram Asalkar |
| Yogesh Omprakash Nimodiya |
Piotex Industries Lead Manager to the Issue
Beeline Capital Advisors Private Limited
mb@beelinemb.com
Piotex Industries Registrar to the issue
Cameo Corporate Services Limited
ipo@cameoindia.com
Piotex Industries Strengths
Client relationship
The company has maintained strong relationships with its major customers and has successfully built a robust client base for the business. These existing relationships enable the company to secure repeat orders from customers, underpinning its ongoing success
Technical expertise
The company possesses advanced technology for the manufacturing of cotton yarn and cotton fabric through job work. This technology is well-suited for producing a variety of fabrics, including 100% cotton and cotton blended grey fabric, among others
Piotex Industries Risks
Substantial competition
The company faces substantial competition in the textile industry from both Indian and international companies. This intense competition may adversely affect its revenues
Dependent on few customers
The company's top ten customers contribute the majority of its revenues from operations. Any loss of business from one or more of these key customers could adversely affect the company's revenues and profitability
IPO FAQs
The promoters of the company are Abhay Shriram Asalkar and Yogesh Omprakash Nimodiya.
The category allocation of qualified institutional buyers is 0.0%, the category allocation of non individual investors or high networth individuals is 50.0% and for retail investors it is 50.0%.
The price band of the IPO is Rs 94.0 - 94.0.
The IPO application opens on May 10, 2024 and closes on May 14, 2024.
The minimum lot size for the IPO is 1200. The maximum lot size for the IPO is 1200.
For all category investors, the minimum application amount for this IPO is Rs. 112,800.0, the maximum value for this IPO is Rs 112,800.0.
This IPO will be allotted on May 15, 2024.
The refund will be credited to your account on May 16, 2024.
The allotted shares will be credited to your demat on May 16, 2024.
Piotex Industries Ltd.’s shares listed on the stock exchanges on May 17, 2024.