Kanodia Cement files IPO papers for offer for sale, plans stock market listing

Kanodia Cement IPO

Uttar Pradesh-based cement maker Kanodia Cement has filed preliminary papers with the SEBI to raise funds via initial public offering.

The IPO will consist of entirely offer-for-sale of 1.49 crore equity shares by promoters, with no fresh issue component. Hence, the entire IPO proceeds will go to the selling shareholders and the company will not receive any money from the offer.

"The objectives of the offer are to achieve the benefits of listing the equity shares on the BSE and NSE; and carry out the offer-for-sale of up to 1.49 crore shares by the selling shareholders," the company said in its draft papers filed on May 22.

Incorporated in 2009, Kanodia Cement operates through five satellite grinding units in Uttar Pradesh and Bihar with capacity of 3.54 MTPA, specialising in blended cement production such as portland pozzolana cement and composite cement. It operates through a combination of business-to-business contract manufacturing for cement brands (contract manufacturing model), and production and marketing of own consumer brands (business-to-consumer model).

The company recorded profit at Rs 113.8 crore for the year ended March 2024, growing 105.6 percent, and revenue at Rs 887.9 crore, increasing 33.5 percent over the previous fiscal. Profit in nine months period ended December 2024 stood at Rs 98.2 crore on revenue of Rs 719.6 crore.

Click Here To Read All IPO News

Anand Rathi Advisors, IIFL Capital Services, and Oneview Corporate Advisors will act as the merchant bankers for Kanodia Cement IPO.