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Rangoli Tradecomm to raise over 45 crore via IPO; issue opens 9 Mar

The company will issue 2.18 million shares of which 0.11 million at  ₹207 aggregating to  ₹2.32 crore will be reserved for market maker. Remaining 2.07 million worth  ₹42.84 crore will be referred as net issue. Photo: iStockphotoPremium
The company will issue 2.18 million shares of which 0.11 million at 207 aggregating to 2.32 crore will be reserved for market maker. Remaining 2.07 million worth 42.84 crore will be referred as net issue. Photo: iStockphoto

  • The floor price for the issue has been fixed at 207 a share. The net proceeds from the issue will be used for meeting working capital requirements and general corporate purpose

Mumbai: Rangoli Tradecomm Ltd has said it will raise around 45.15 crore via an initial public offering. The issue will open on 9 March and close 12 March.

The floor price for the issue has been fixed at 207 a share.

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The company will issue 2.18 million shares of which 0.11 million at 207 aggregating to 2.32 crore will be reserved for market maker. Remaining 2.07 million worth 42.84 crore will be referred as net issue, the draft red heering prospectus (DRHP) said.

Fedex Securities Pvt Ltd and Bigshare Services Pvt Ltd are the lead managers to the issue.

The net proceeds from the issue will be used for meeting working capital requirements and general corporate purpose.

As on March 2020, its net working capital requirement was 52.02 crore versus Rs9.90 crore from a year ago. Six month ended September 2020, net working capital requirement was at 63.53 crore.

For fiscal 2020, total revenue of the company stood at 165.44 crore versus 3.52 crore a year ago. Net profit was at 2.11 crore against 2.92 crore.

For six month ended September 2020, total revenue was at 146.84 crore while net profit was at 10.93 crore. As of September 2020, the total debt of the company stood at 44.08 crore.

The company is currently engaged in the business of trading of polymers and textile products. Polymer trading business includes commodity polymer, engineering polymer & chemicals and additives, while textile trading business includes trading of yarns, threads and fabrics.

The company generally do business with its customers on purchase order basis and do not enter into long term contracts with most of them

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