Shree Karni Fabcom Limited IPO Opens on March 06, 2024

 

Mumbai: “Shree Karni Fabcom Limited”, a prominent player in the manufacturing of specialized technical textiles, has announced its plan to go public with an Initial Public Offering (IPO) on March 06, 2024. The company aims to raise up to ₹ 42.49 Crore through this IPO, with shares to be listed on the NSE Emerge platform.

Here are the key details of the IPO:

• Issue Size: Up to 18,72,000 equity shares at a face value of ₹ 10 each
• Price Band: ₹ 220 - ₹ 227 per Equity Share
• Market Lot Size: 600 Equity Shares

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 establishment of a dyeing unit in Navsari District, Surat, Gujarat, and the purchase of new machinery for a new unit for manufacturing bags in Palsana, Surat, Gujarat. Additionally, funds will be allocated for meeting the company's working capital requirements and general corporate expenses.

The bidding for the Anchor portion will open on March 05, 2024, and the issue will close on March 11, 2024. Horizon Management Private Limited is the Book Running Lead Manager to the Issue, and MAS Services Limited is the Registrar to the Issue.

Mr. Rajiv Lakhotia, Managing Director of Shree Karni Fabcom Limited, expressed his pride and excitement in taking the company public, highlighting their commitment to quality and innovation in specialized technical textiles. He emphasized the allocation of proceeds towards expanding their infrastructure and product portfolio, further solidifying their position in the industry.

Mr. Manav Goenka, Director of Horizon Management Private Limited, expressed confidence in Shree Karni Fabcom Limited's ability to seize emerging market opportunities and achieve continued success with its forward-thinking approach.

The IPO marks a significant milestone in Shree Karni Fabcom Limited's journey, signifying a leap towards new horizons and growth opportunities in the specialized technical textiles sector.