Alpine Texworld make a muted stock market debut; shares list at issue price

Shares of Alpine Texworld made a muted stock market debut on Tuesday, July 21 as the dyeing and processing fabrics player was listed at par on both BSE and NSE. It stock was listed at Rs 105, which is also issue price for the IPO, delivering no gains for the investors. 

Listing of Alpine Texword has been on a the expected lines. Ahead of its listing, shares of Alpine Texworld were commanding a grey market premium (GMP) of Rs 1-2 per share, suggesting a flat listing for the investors. Its GMP stood around Rs 5-8 apiece, during the bidding period.

The IPO of Alpine Texworld was open for subscription between July 14-16. The company sold its shares in the price band of Rs 100-105 per share with a lot size of 142 shares. The company eyed to raise a total of Rs 126 crore via IPO, which was entirely a fresh share sale of up to 1,20,24,000 equity shares.

The issue was overall subscribed just 1.40 times with less than 77,000 applications. The portion for retail bidders was subscribed only 1.54 times. The quotas for non-institutional investors (NIIs) and qualified-institutional bidders (QIBs) were subscribed merely 1.09 times each.

Incorporated in February 2016, Ahmedabad-based Alpine Texworld is engaged in dyeing and processing fabrics, focusing on producing high-quality textiles. It has two manufacturing units. The manufacturing facilities are well-equipped for specialized dyeing and finishing, offering a diversified range of products to garment manufacturers and traders.

Brokerage firms has a mixed view on the issue, mostly suggesting to avoid the issue. D&A Financial Services was the sole book running lead manager for the Alpine Texworld and Kfin Technologies served as the registrar of the issue.