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PNN
New Delhi [India], October 26: The Company is manufacturer of office furniture in India, offering tailor made furniture and installation as per specification and need of clients. Indian Office Furniture was worth $5.41 billion in 2022 which is expected to grow at 15% by 2030. Furniture exports are up by 220% from 2018 to 2023. Indian furniture imports have fallen by 36% over the last three years. Favorable demographics, skilled workforce, reducing dependency on Chinese imports are fueling furniture sector growth. Some global peers are Steelcase, HNI and Hayworth. Key Highlights * Offers wide range of 5,000+ products across 4 segments - Chairs, Tables, Workstation and Storage Spaces. * Largely operates through Digital-first Direct to Customer model, enabling the Company to quickly identify and cater businesses who needs ergonomic office furniture, thus, eliminating middlemen. * Dedicated in-house teams to manage IT, marketing, sales, logistics and fulfillment activities. * Strong relationship with clients ensuring regular repeat business across Industries such as Education, Healthcare, Hospitality, Banking, Insurance, IT, etc. * Marqee clients include Infosys, ITC, Bosch, Volvo, American Express, Titan, etc. * Ability to deliver and install furniture pan-India. * 7 experience centres across the country to visit in-person and check all products. * Promoters have over 5 decades of cumulative experience in Furniture Industry. The Company has grown its revenue at a CAGR of 37 % over the last three years. For the financial year 2022-23, the Company posted a total revenue of Rs. 59.47 cr. with net profit of Rs. 9.09 cr. and EBIDTA of Rs.15.43 cr. For the financial year 2021-22 it posted a total revenue of Rs. 27.98 cr. with net profit of Rs. 1.59 cr. and EBIDTA of Rs.3.88 cr. As Corporates ending their work-from-home policy, Transteel is well positioned to cater to upcoming demand for office furniture. The IPO IPO is set to commence on October 30, 2023, and will conclude on November 01, 2023. The IPO comprises an issue size of 49.98 crores, featuring a combination of 67,84,000 Fresh Issue Equity Shares and 3,56,000 Offer for Sale (OFS) shares. The Anchor Allocation shall take place on Oct 27, 2023. Lead Manager to the issue is Gretex and Pantomath Group. Net proceeds from IPO Funds will be utilized for Capex (14.89 crs), Working Capital (20 crs), Repayment of Debt (6.65 cr) and balance for general purpose and unidentified inorganic acquisitions. (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
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