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PNN
New Delhi [India], February 29: Shree Karni Fabcom Limited, one of the leading player in the manufacturing of specialized technical textiles, has announced its plan to go public with an Initial Public Offering on March 06, 2024. The company is aiming to raise Rs 42.49 Crore on upper price band through this IPO, with shares set to be listed on the NSE Emerge platform. The issue size is Up to 18,72,000 equity shares at face value of Rs 10 each. Equity Share Allocation - QIB Anchor Portion - Up To 5,32,800 Equity Shares - Qualified Institutional Buyers (QIB) - Up To 3,55,800 Equity Shares - Non-Institutional Investors (NII) - Up To 2,67,000 Equity Shares - Retail Individual Investors (RII) - Up To 6,22,800 Equity Shares - Market Maker - Up To 93,600 Equity Shares The net proceeds from the IPO will be utilized for funding capital expenditure, including the setting up of a dyeing unit in Navsari District, Surat, Gujarat, and the purchase of new machinery proposed to be installed at a new unit for manufacturing bags in Palsana, Surat, Gujarat, with the intent to expand their product portfolio. Funds will also be allocated for meeting working capital requirements of the company and meeting general corporate expenses. The bidding for the Anchor portion will open on March 05, 2024, and the issue will close on March 11, 2024. The Book Running Lead Manager to the Issue is Horizon Management Private Limited. The Registrar to the Issue is MAS Services Limited. Key Highlights - Issue Size - 18,72,000 Equity Shares of Rs 10 each - Issue Size - Rs 41.18 Crores - Rs 42.49 Crores - Price Band - Rs 220 - Rs 227 - Market Lot Size - 600 Equity Shares Rajiv Lakhotia, Managing Director of Shree Karni Fabcom Limited expressed, "Embarking on this momentous journey of taking Shree Karni Fabcom Limited public with our IPO fills us with immense pride and excitement. Our journey has been characterized by a relentless commitment to quality and innovation in the manufacturing of specialized technical textiles. We plan to allocate the proceeds towards funding capital expenditure, including the establishment of a state-of-the-art dyeing unit in Navsari District, Surat, Gujarat, as well as the acquisition of new machinery for our upcoming bag manufacturing unit in Palsana, Surat, Gujarat. Our commitment to excellence and innovation remains unwavering as we forge ahead in shaping the future of specialized technical textiles." Manav Goenka, Director of Horizon Management Private Limited said, "Entering a momentous phase in the journey for Shree Karni Fabcom Limited, this IPO signifies a remarkable leap towards new horizons. With a diversified product portfolio, the company has demonstrated its ability to meet the evolving needs of various industries. We are confident that Shree Karni Fabcom Limited's forward-thinking approach will enable it to seize emerging market opportunities and achieve continued success." (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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