Originally incorporated in 2015 as United Cotfab LLP, the company has grown to become a key player in the textile industry. The IPO will offer 51,84,000 equity shares at a fixed issue price of ₹70 per share, each with a face value of ₹10. The offering will close on June 19, 2024, and the shares will be listed on the BSE SME platform.
IPO Details:
Issue Opens: Thursday, June 13, 2024
Issue Closes: Wednesday, June 19, 2024
Issue Size: ₹36.29 Crore
Issue Price: ₹70 per share
Face Value: ₹10 per share
Issue Type: Fresh Issue – Fixed Price
Number of Shares: 51,84,000 Equity Shares
Lot Size: 2000 Equity Shares
HNI Quota: 24,62,000 Equity Shares
Retail Quota: 24,62,000 Equity Shares
Market Maker Quota: 2,60,000 Equity Shares
The lead manager for the issue is Beeline Capital Advisors Pvt. Ltd., and the registrar is Purva Sharegistry (India) Pvt. Ltd.
Mr. Gagan Nirmalkumar Mittal, Chairman and Managing Director, who has over 18 years of experience in the textile industry, expressed his excitement about the IPO. He stated, "We are pleased to announce our forthcoming IPO. With a strong foothold in the yarn industry and years of experience in manufacturing open-end cotton yarn, we are well-positioned for growth. Yarn is the end product of spinning and is essential for cotton woven or knitted fabric. We are also actively involved in the selling and distribution of open-end cotton yarn and cotton waste".
The proceeds from the IPO will be used to meet the company's working capital requirements and for general corporate purposes. This strategic move is expected to enhance United Cotfab Limited's operational capabilities and support its expansion plans in the textile sector.
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