Shree Karni Fabcom, a textile manufacturing company, made a robust debut on the NSE Emerge platform, listing at a premium of 14 percent over its IPO price on March 14. The stock opened at Rs 260, marking a significant uptick from its issue price of Rs 227.
Prior to its listing, Shree Karni Fabcom exhibited strong demand in the grey market, trading at a premium of 13 percent. The grey market serves as an unofficial trading platform where shares are bought and sold before IPO allotment, providing insights into potential listing prices for investors.
The IPO, which opened for bidding from March 6 to March 11, garnered exceptional demand, oversubscribed by a staggering 296.43 times. The offer price was set in the range of Rs 220-227 per share, with a minimum lot size of 600 shares for applications.
Established in March 2018, Shree Karni Fabcom specializes in producing customized knitted and woven fabrics catering to diverse sectors such as luggage, medical arch support, chairs, shoes, and apparel. The company’s expertise lies in manufacturing woven, knitted, and coated fabrics using materials like 100 percent polyester, yarn, resin, acrylic, and coating chemicals to create specialized technical textiles.
In the fiscal year 2022-23 (FY23), Shree Karni Fabcom witnessed a remarkable growth trajectory, with its revenue surging by 51.87 percent and profit after tax increasing by 7.85 percent compared to the previous year.
