Alpine Texworld’s initial public offering closed fully subscribed on its final day of bidding, achieving an overall subscription multiple of 1.40 times.
The textile manufacturer’s issue, which opened on July 14, saw a dramatic turnaround in investor sentiment, driven primarily by strong participation from retail investors on the last day of the subscription window.
The late surge stands in stark contrast to the issue’s performance earlier in the week.
Alpine Texworld’s IPO faced significant headwinds, with subscription levels languishing at just 0.28 times by the end of the second day.
The initial lack of appetite had raised concerns about the issue’s ability to clear, but the final day’s activity ensured the company would proceed with its planned capital raise.
The company aims to raise ₹126 crore through the fresh issue of shares.