United Cotfab Opens at ₹75, Climbs 12% After Modest Start, Exceeding Issue Price by 7.14%

United Cotfab's share opened at ₹75 on BSE SME, a 7.14% increase from its ₹70 issue price. Despite a lukewarm start, it climbed over 12%, reaching ₹78.75.
United Cotfab Opens at ₹75, Climbs 12% After Modest Start, Exceeding Issue Price by 7.14%

United Cotfab’s share price had a modest opening on the BSE SME, starting at ₹75, a 7.14% increase from the issue price of ₹70. Despite the tepid debut, the stock rose over 12%, trading at ₹78.75 by 10:10 IST.

The United Cotfab IPO opened for subscription on June 13 and closed on June 19, with each lot comprising 2,000 shares. By the final day of bidding, the IPO was oversubscribed by 107.16 times.

United Cotfab Limited specializes in producing high-quality open-end yarn for textiles, employing cutting-edge technology and meticulous processes at their automated facility. They emphasize stringent quality control from raw material selection to final product testing, ensuring superior yarn production. Committed to sustainability, they focus on waste minimization and energy conservation, while maintaining strong client relationships through reliable and timely service.

United Cotfab Limited plans to allocate INR 24.70 crores from its IPO to cover future working capital for FY 2024-25 and FY 2025-26, with INR 8.86 crores for general corporate purposes.

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