Shri Techtex IPO to open on July 26; fixes price band at Rs 54-61/share

New Delhi: Ahmedabad-headquartered technical textile manufacturer Shri Techtex on Monday said it has set a price band of Rs 54-61 per share for its initial share sale, which will hit the capital market on July 26.

The public issue will conclude on July 28 and the bidding for anchor investors will open on July 25, the company said in a statement.

The company's shares will be listed on SME Emerge platform of the National Stock Exchange after the initial public offer.

At the upper end of the price band, the issue plans to raise Rs 45.14 crore. The issue comprises a fresh issue of 74 lakh equity shares.

Of the total issue size, the company has allocated 35.10 lakh shares for qualified institutional buyers, 10.56 lakh shares for non-institutional investors and for retail investors it has set aside 24.62 lakh shares for allocation.

The firm plans to use the proceeds of the public issue towards the construction of the factory shed, commissioning of a solar plant, meeting working capital requirement and general corporate purpose. Hanskumar Agarwal, Executive Director, Shri Techtex Ltd said, "We have been on an excellent growth path and have built a robust foundation in terms of products, capacities, clientele and geographical reach in the first decade of our operations. We have invested in the growth assets and transiting to a public company – which will open a new world of ambitions for the company."

The company manufactures PP non-woven fabric in various sizes and densities up to 4.5 metres in size and of 15 GSM to 800 GSM grade.

Its manufacturing facility is located at Simaj of Dholka Taluka in the Ahmedabad district of Gujarat. The manufacturing facility is spread across 41,548 square metres and installed with a 3,600 tonnes PP non-woven fabric capacity per annum.

Beeline Capital Advisors is the book running lead manager and Link Intime India is the registrar of the issue.