Goyal Salts’ IPO Opens on 26th September, 2023

 

Mumbai: “Goyal Salts Limited” (GSL), a Rajasthan-based salt-producing and refining company, has announced its plans to go public with an Initial Public Offering (IPO) on September 26th, 2023. The company is aiming to raise ₹ 18.63 crore through this IPO, with shares set to be listed on the NSE EMERGE platform.

The fresh issue size is 49,02,000 equity shares of Face Value ₹ 10 each, The Bid opens for Anchor Investors on September 25th, 2023.

Equity Share Allocation:
•    Qualified Institutional Investors (QIB) – Not More Than 48.16% of the Net Issue
•    Non-Institutional Investor (NII) – Not less than 15.97% of the Net Issue
•    Retail Individual Investors (RII) – Not Less Than 35.87% of the Net Issue
•    Employees – Up To 90,000 Equity Shares
•    Market Maker – Up To 2,46,000 Equity Shares

The net proceeds from the IPO will be utilized to fund Capital Expenditure for quality enhancement, Brand creation, and marketing expenses, Gunding working capital requirement, and general corporate purposes. The issue closes on September 29, 2023.

The Lead Manager of the Issue is Holani Consultants Private Limited and The Registrar of the Issue is Bigshare Services Private Limited.

Mr. Rakesh Goyal, Chairman, of Goyal Salts Limited said,'' We are in the business of salt which is a basic requirement of every individual as well as industries, and the demand for it will be increasing day by day with the rising population, growing industries and rising usage of salt for various treatments.

Anticipating huge demand and strengthening our presence in the export market as well as the premium segment we want to leverage these opportunities.

IPO funding will provide us with the necessary resources to meet our growth capital and achieve our long-term vision. Additionally, the IPO will also enhance our brand and enable us to reach out to various investors.”

Ashok Holani, Director, Holani Consultants Private Limited, Book Running Lead Manager to the issue, said, “We believe that this offering will provide the company with the necessary resources to meet growth capital and enhance its market share.

We have been bringing high-growth potential companies to the market and strongly believe that Goyal Salts Limited has a well-defined strategy and a strong business model that is likely to yield positive results in the future.”