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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