Jet Knitwears becomes UP's first hosiery maker to go public

Kanpur-based Jet Knitwears has become Uttar Pradesh's first hosiery company to go public through its initial public offering (IPO).

The company has listed on National Stock Exchange (NSE) Emerge platform, which is dedicated to the Small and Medium Enterprises (SME) and other emerging corporates in India. Emerge is a platform to raise funds for companies, which are on a growth path, but not large enough to list on its main board.

Jet's public issue was open for subscription between September 27 and 29, Jet Knitwears Limited managing director Balram Narula said.

Jet had floated the public issue of over a million shares having face value of Rs 10 each for cash at a price of Rs 39 each, including premium of Rs 29 apiece. It has mopped up over Rs 4.22 crore from the IPO.

"The issue was oversubscribed 3.76 times, which indicated the confidence of public in the growth prospects of our company," he added.

He termed the success of the IPO as the success for the entire SME space in UP and its large untapped potential for growth by going public.

The company was incorporated as Jet Knitwears Private Limited under the provisions of the Companies Act, 1956. Subsequently, the name was changed to Jet Knitwears Limited in April 2015.