Mumbai-based Yarn manufacturer Sanathan Textiles has filed draft red herring papers with SEBI to raise up to Rs.1300 crores via initial public offerings. The IPO comprises a Fresh Issue of Rs.500 crores & OFS of 1.14 Crore shares offered by promoters. The company may also consider the pre-IPO placement of up to Rs 100 crore before RHP.
Offer for Sale by Promoters:
The offer for sale consists of 23,51,100 shares by Pareshkumar Dattani, 26,59,500 shares by Ajaykumar Dattani, 25,57,500 shares by Anilkumar Dattani, and 28,27,500 shares by Dineshkumar Dattani.
Sanathan Textiles made a profit of Rs.171 crores while the revenues stood at Rs.1439 crores for the last six months ended in September 2021.
The fresh issue funds will be used to repay debt, working capital requirements, and general corporate purposes.
The company has a good presence in the polyester, cotton, and technical textile sectors. Their business is divided into 3 separate yarn businesses like polyester yarn products; cotton yarn products; and yarns for technical textiles and industrial uses. The company has its manufacturing facility at Silvassa.
The book-running lead managers of the IPO are Edelweiss Financial Services and JM Financial. The shares are proposed to be listed on NSE and BSE.
Follow correct success ipo for the latest IPO news and their reviews, also keep following us on Twitter, Facebook, and Instagram. For our latest videos, subscribe to our YouTube channel.
– Source : IPOWATCH
