PNN
Mumbai (Maharashtra) [India], September 24: Divyadhan Recycling Industries Limited, a manufacturer of Recycled Polyester Staple Fibre and Recycled Pellets, proposes to open its Initial Public Offering on September 26, 2024, aiming to raise Rs 24.17 crore (calculated on upper band), with shares to be listed on the NSE Emerge platform.
The Issue size is Up To 37,76,000 equity shares at face value of Rs 10 each.
Equity Share Allocation
* QIB Anchor Portion - Up to 10,70,000 Equity Shares
* Qualified Institutional Buyers - Up to 7,16,000 Equity Shares
* Non-Institutional Investors - Not less than 5,38,000 Equity Shares
* Retail Individual Investors - Not less than 12,52,000 Equity Shares
* Market Maker - 2,00,000 Equity Shares
The net proceeds from the issue will be primarily used for funding Capital Expenditure and General Corporate Purposes. The bidding for Anchor Portion will open on September 25, 2024 and the Issue will close on September 30, 2024.
Book Running Lead Manager is Narnolia Financial Advisors Limited, The Registrar to the Issue is Skyline Financial Services Private Limited.
Varun Gupta, Managing Director Of Divyadhan Recycling Industries Limited expressed, " This public offering is a crucial step in expanding our production capabilities and embracing new opportunities in sustainable manufacturing. The funds raised will help us invest in state-of-the-art technologies, improve our infrastructure, and scale our operations to meet the increasing demand for recycled polyester products.
We see this as an opportunity to not only grow the company but also contribute to a more sustainable future. We are excited about this new phase of development and are grateful for the support of our investors as we move forward."
Vipin Aggarwal, Director, Investment Banking, Of Narnolia Financial Advisors Limited said, "As Divyadhan approaches its IPO, we are proud to share the company's journey in the Indian Polyester Fibre market, focusing on the production of Recycled Pellets and embracing trends in recycling and innovation. With an innovative business model focused on Recycled Pellets and a clear strategy to meet the growing demand for Polyester Staple Fiber, the company is well-positioned to seize emerging opportunities in this evolving sector.
The IPO will enable the company to enhance its manufacturing facilities, expand production capacity, and invest in new technologies. This funding will play a crucial role in boosting operational efficiency and supporting the company's future growth and expansion."
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