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Shri Techtex plans to raise Rs 45-50 cr through IPO: Executive Director
Ahmedabad-based technical textile manufacturer Shri Techtex Ltd plans to raise Rs 45-50 crore through its initial public offering (IPO) to expand and grow its business.
The company has filed DRHP (draft red herring prospectus) earlier this year to launch its IPO. The shares will be listed on NSE Emerge.
It will use the issue proceeds to fuel its growth and expand margins.
The company expects to raise Rs 45-50 through the IPO, said Hanskumar Agarwal, Executive Director, Shri Techtex Ltd.
According to the objects of the proposed public issue, the proceeds will be used mainly for the construction of the factory shed (Rs 3.71 crore), commissioning of a solar plant (Rs 4.89 crore), purchase of machinery (Rs 8.34 crore), and meeting working capital requirement (Rs 13.30 crore).
Shri Techtex is eyeing to cross Rs 100 crore-mark in revenues by FY26, riding on a direct foray into the US market, expansion in product portfolio and improved capacities.
As per the draft paper, Shri Techtex's