The Hindu Business Line : First Winner IPO price band fixed at Rs 120-130/share

(From left) Mr Rinku Patodia, Managing Director, First Winner Industries Ltd, with Mr Anil Gupta, Director, at a press conference to announce the company’s IPO in Mumbai on Wednesday. —

Our Bureau

Mumbai, June 4 First Winner Industries, a company engaged in the manufacture of grey fabrics and trading of textile fabrics, which are supplied to wholesalers and garment manufacturers, announced on Wednesday that it proposes to enter the capital market with an IPO of 55 lakh equity shares of Rs 10 each.

The issue will open on June 9, and close on June 12. The price band for the issue has been fixed between Rs 120 and Rs 130.

The company plans to raise Rs 71.50 crore at the upper price band.

The issue will comprise of an employee reservation of one lakh equity shares and the net issue to the public will be 54 lakh equity shares.

The shares of the company are proposed to be listed on both the BSE and NSE.

The company plans to use the proceeds from the issue to set up a new apparel manufacturing facility and also to set up a new weaving unit. The company will also use the proceeds for prepayment of its term loan and general corporate expenses. Almondz Global Securities Ltd is the sole book running lead manager to the issue.

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First Winner IPO price band fixed at Rs 120-130/share