Shekhawati Poly-Yarn IPO opens for subscription

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Shekhawati Poly-Yarn IPO opens for subscription

The 1.2 crore equity shares' initial public offer (IPO) of textile firm Shekhawati Poly-Yarn has opened for subscription today.

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The 1.2 crore equity shares' initial public offer (IPO) of textile firm Shekhawati Poly-Yarn has opened for subscription today. The company aims to raise Rs 36 crore through IPO at fixed price of Rs 30 a share.

The issue will constitute 54.54% of the fully diluted post issue equity share capital of the company. 

Shekhawati is presently engaged in manufacturing of texturised and twisted yarn. Now it proposes to commence manufacturing of Knitted Fabric from Texturised Yarn, being one of the objects of the proposed public issue.

Issue proceeds are proposed to be used for buying new 30 twisting machines and installation of new 30 knitting machines; buying corporate office at an estimated cost of Rs 325 lakh and working capital requirements.

After this expansion, the company will have 35 machines for twisting yarn with capacity of 4,620 MTPA, 30 machines for knitting yarn with 1,980 MTPA and 20 for texturising yean with capacity of 27,400 MTPA.

Hem Securities Limited is the book running lead manager to issue.