Mumbai: NR Vandana Textile’s Initial Public Offering (IPO) ended today, Friday, May 30, 2025. The IPO got a strong response from investors. By 12:10 PM, the issue was subscribed around 15.79 times, showing high demand.

The IPO was for Rs 27.89 crore. It was a fresh issue of 62 lakh shares. The price band for the IPO was between Rs 42 and Rs 45 per share. Investors had to apply in a lot size of 3,000 shares. There was no offer-for-sale (OFS) part in the IPO, which means all the money raised will go to the company.

In the grey market, the shares of NR Vandana Textile were trading at Rs 59. This means a grey market premium (GMP) of Rs 14 over the upper issue price of Rs 45. This is a 31.11% rise in value, which shows positive market sentiment.

The allotment of shares is likely to be completed on Monday, June 2, 2025. Those who get shares will see them in their demat accounts by Tuesday, June 3, 2025. The company’s shares are expected to list on the NSE SME platform on Wednesday, June 4, 2025.

Cameo Corporate Services is the registrar for the IPO. Marwadi Chandarana Intermediaries is the lead manager of the issue.

The money raised through this IPO will be used by the company for several things. These include working capital needs, paying off some loans, and general business purposes.

NR Vandana Tex Industries is in the textile business. It designs, makes, and sells cotton sarees, salwar suits, and bed sheets. It works under two brand names — ‘Vandana’ and ‘Tanaya’. The company won the ‘Best Debutant – Apparels’ award at the Ajio Business Partnership Meet in 2022.

The company follows a B2B model and works with 1,397 wholesalers across 31 states and union territories in India. It also uses B2B e-commerce platforms to sell its products.