Raghuvir Exim Files for IPO to Expand Production and Raise Capital

10 Apr 2024 , 11:04 AM

Textile company Raghuvir Exim Ltd has submitted preliminary papers to the markets regulator Sebi for an initial public offering (IPO), aiming to raise funds to fuel its expansion plans.

The fresh capital raised from the IPO will be primarily utilized for funding the company’s expansion initiatives, as stated by Raghuvir Exim Ltd.

This year has seen a flurry of IPO activity, with over 30 companies submitting draft IPO papers to the Securities and Exchange Board of India (Sebi).

Raghuvir Exim Ltd’s IPO comprises a fresh issue of 1.4 Crore equity shares and an offer for sale (OFS) of 45 lakh equity shares by promoter Sunil Agarwal, as outlined in the draft red herring prospectus (DRHP). Currently, the promoters hold a 100% stake in the company.

According to the DRHP filed last week, the proceeds from the fresh issue, amounting to ₹113 Crore, will be allocated towards establishing two stitching units in Ahmedabad, with the remainder earmarked for general corporate purposes.

Headquartered in Ahmedabad, the company specializes in processing semi-finished fabrics into finished fabrics and manufacturing home furnishing products.

Unistone Capital Pvt Ltd has been appointed as the sole book-running lead manager of the issue. The equity shares of Raghuvir Exim Ltd will be listed on both the BSE and the NSE.