Cantabil Retail falls below IPO price

capital market | Mumbai |

Settles at Rs 104.75 on BSE

Apparel maker Cantabil Retail India settled at Rs 104.75 on BSE, a 22.41% discount to the initial public offering price of Rs 135. The he stock debuted at Rs 133.80, a 0.89% discount to the initial public offering (IPO) price. The stock hit a high of Rs 133.80 and low of Rs 102.10. The counter clocked a volume of 1.46 crore shares on BSE.

Cantabil Retail India's IPO ended on 27 September 2010 with 2.35 times subscription. The IPO received bids for 1.94 crore shares compared with 82.67 lakh shares on offer.

Category-wise, the portion reserved for non institutional investors was subscribed 3.83 times, followed by retail investors (2.63 times) and qualified institutional buyers (1.71 times).

The price band for the IPO was Rs 127-135 a piece. The IPO had opened for subscription on 22 September 2010. The proceeds of the IPO will be used to set up a new manufacturing facility, expand retail operations and part pay debt.

Cantabil Retail India is in the business of designing, manufacturing and retailing readymade garments and accessories, with retail outlets spread across India.

Cantabil Retail India reported a net profit of Rs 14.68 crore on net sales of Rs 201.83 crore for the year ended March 2010.

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