MUMBAI, Sept 1 (Reuters) - Textiles firm Jindal Cotex Ltd's 12.45-million share initial public offer has been subscribed 2.19 times, the company said on Tuesday 1 September.

Photo: www.jindalcotex.com

The company had set a price band of 70-75 rupees a share for the issue, which saw its high net worth individuals (HNI) segment subscribed 5.9 times that on offer, it said in a statement.

The retail portion was subscribed 3.09 times the offer while the institutional segment was subscribed 0.65 times.

Jindal plans to use the proceeds for entering the specialised textile products space.

Saffron Capital Advisors Pvt Ltd is the book-running lead manager to the issue. (Reporting by Bharghavi Nagaraju; Editing by Sunil Nair)