- The issue will be closed on Tuesday, May 14, 2024
- IPO comprises a fresh issue of 15,39,600 equity shares with a face value of Rs. 10 each
- The company proposes to utilize the net proceeds from the IPO to fund its working capital requirements, general corporate purposes and meet issue expenses.
- The company sells cotton bales and cotton yarn, which are almost always in demand by the weaving industry
- Beeline Capital Advisors Private Limited is the sole Book Running Lead Manager, and Cameo Corporate Services Limited is the Registrar for the Issue
MUMBAI, MAY 07, 2024 (TGN): Piotex Industries Limited (“PIL” or “The Company”), a leading supplier of yarn, fabric and cotton bale, announced that its initial public offering (IPO) will open on Friday, May 10, 2024 and conclude on Tuesday, May 14, 2024. The company intends to raise approximately Rs. 14.47 crore from the offering and aims to be listed on the BSE SME platform. The price band for the issue has been fixed at Rs. 94/- per share, and the lot size will be 1,200 equity shares.
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Beeline Capital Advisors Private Limited is the sole Book Running Lead Manager, and Cameo Corporate Services Limited is the Registrar for the issue.
The fixed-price IPO will comprise a fresh issue of 15,39,600 Equity Shares with a face value of Rs. 10/-. As many as 78,000 equity shares have been reserved for the Market Maker, 7.3 lakh equity shares for NIIs, and the Retail (RII) portion accounts for 7.3 lakh equity shares.
According to the RHP document, the company proposes to utilize the net proceeds from the IPO to fund its working capital requirements, general corporate purposes and meet issue expenses.
The Pune-headquartered company is a leading supplier of yarn, fabric and cotton bales and works on an asset-lite model. These products are used for various purposes, such as garments and home furnishings. The company sells cotton bales and cotton yarn through the sole selling agreement, which are almost always in demand by the spinning and weaving industry. It distributes its products to customers in various states in India, including Maharashtra, Madhya Pradesh and Gujarat.
Founded in 2019 by first-generation entrepreneurs Abhay Shriram Asalkar and Yogesh Omprakash Nimodiya, Piotex Industries Limited is equipped with cutting-edge technology and processing techniques to ensure quality output for its clients. With rich experience in the textile industry, the promoters have been instrumental in determining the company’s vision and growth strategy.
Piotex Industries Limited recorded a revenue of Rs. 118.45 crore with a profit (PAT) of Rs. 3 crore in the financial year 2023-24, compared to a revenue of Rs. 86 crore and a profit (PAT) of Rs. 2.88 crore in FY 2022-23.
For more information, please visit: https://piotexindustries.com/ .ENDS (TGN)
