New Delhi, Feb. 20 -- Cotton yarns manufacturer Shree Ram Twistex is set to launch its initial public offering (IPO) on Monday, February 23. The Rs.110.24 crore IPO is entirely a fresh issue of 1.06 crore shares.

The company intends to use the net proceeds from the issue to set up solar power and wind power projects for captive use. Some part of the net proceeds will be used for the repayment and pre-payment of certain borrowings and for funding the working capital requirements.

Meanwhile, the grey market is showing mild enthusiasm for the issue. The Shree Ram Twistex IPO GMP on Friday morning indicates the stock could be listed at a modest premium over the issue price.

According to grey market sources, Shree Ram Twistex IPO GMP on Feb...