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19 Nov 2024
Archit Nuwood Industries, a leading manufacturer of wood-based products, has received approval from the BSE to launch its initial public offering (IPO) on the BSE SME platform. The IPO, which will be the second-largest SME IPO in India, is expected to raise around ₹170 crore.
The IPO will be entirely a fresh issue of up to 62,40,000 equity shares. The company plans to utilize the proceeds to fund its expansion plans and working capital requirements.
Archit Nuwood filed its draft red herring prospectus (DRHP) with the BSE in April 2024 to launch the IPO. The approval from the BSE comes after the company received the necessary regulatory clearances.
The IPO is expected to generate significant interest from investors looking to participate in the growth story of the wood-based products industry in India. Archit Nuwood is well-positioned to capitalize on the increasing demand for wood-based products in the country.
The listing of Archit Nuwood's shares on the BSE SME platform will provide liquidity to its shareholders and enable the company to access the capital markets for future growth opportunities.
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