Spunweb Nonwoven IPO, July 14 -- The initial public offering (IPO) of Spunweb Nonwoven, which opened for subscription today, July 14, sailed through amid strong demand from retail and non-institutional investors on the first day of the bidding process. Spunweb Nonwoven IPO also has strong grey market premium (GMP) trends.

Spunweb Nonwoven IPO worth Rs.61 crore is entirely a fresh share sale of 63.52 lakh shares. The issue is priced in the range of Rs.90 to Rs.96 per share. Investors can apply for the offer in one lot of 1200 shares and multiples thereafter. Spunweb Nonwoven IPO will remain open for bidding till July 16.

The company plans to use the funds raised from the issue for funding working capital requirements, investment in wholl...