New Delhi, May 14 (PTI) The initial public offering of Piotex Industries closed with an overwhelming subscription of 108 times on Tuesday.

The portion for non-institutional investors (NII) was subscribed 122 times, the quota for retail individual investors (RII) received 94 times subscription, bringing the overall subscription to 108 times until the final day of bidding on Tuesday.

Also Read | Mobile Verification Scam: Government Warns Against Fraudsters Threatening to Disconnect Mobile Number by Posing as TRAI Officials, Asks Citizens to Report Fraud Calls on sancharsaathi.gov.in.

Shares of the Pune-headquartered company will be listed on the BSE's SME platform.

The Rs 14.47 crore initial public offering (IPO) is entirely a fresh issue of 15.4 lakh equity shares with a face value of Rs 10 each.

Also Read | Mumbai Water Cut on May 11: BMC Announces Eight-Hour Supply Disruption on Saturday, Check List of Affected Areas.

The company has fixed the price of the issue at Rs 94 per share.

The company proposes to utilise the proceeds from the public offer to fund its working capital requirements, general corporate purposes and meet issue expenses.

Founded in 2019 by Abhay Shriram Asalkar and Yogesh Omprakash Nimodiya, the company is a supplier of yarn, fabric and cotton bales and works on an asset-lite model.

Piotex Industries recorded a revenue of Rs 118.45 crore with a profit after tax of Rs 3 crore in FY 2023-24, compared to a revenue of Rs 86 crore and a profit after tax of Rs 2.88 crore in FY 2022-23.

Beeline Capital Advisors Pvt Ltd is the sole book-running lead manager, while Cameo Corporate Services Ltd is the registrar for the issue.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)