Shakun Polymers files IPO papers with SEBI

Shakun Polymers, one of the leading companies in the field of compounding for the wire & cable market, has filed its draft red herring prospectus (DRHP) with market regulator SEBI for the proposed IPO.

The public offer comprises of fresh issue of equity shares aggregating up to Rs 75 crore and an offer for sale of up to 18 lakh equity shares by selling shareholders.

The company proposes to utilise the net proceeds from fresh issue towards setting up of new unit for manufacturing Halogen Free Flame Retardant (HFFR) compounds and general corporate purpose.

Vadodara-headquartered Shakun has two manufacturing facilities at Halol district in Gujarat and one at Daman, having an aggregate installed capacity of over 25,000 MT per annum. It is one of the first movers in India for manufacturing of HFFR compounds and one of the leading exporters for HFFR compounds from India.

The company exports over 50 percent of their products to international markets. Some of their domestic and international customers includes Polycab Wires Private Limited, KEI Industries Limited, KEC International Limited, RR Kabel Limited, Apar Industries Limited, Dubai Cable Company (Private) Limited, Alfanar Cables, Tekab Company Limited, Nuhas Oman LLC, Moghan Wire & Cable Co. and Abhar Wire & Cable Co.

The compounds manufactured by Shakun are used for insulation and sheathing of wire and cables for various applications such as: power cables, building wires, telecommunication & fibre optic cables, instrumentation cables and photovoltaic cables (i.e. solar cables).

Vivro Financial Services Private Limited is the book running lead manager to the offer. Link Intime India Private Limited is the registrar to the issue. Equity Shares are proposed to be listed on BSE and NSE.