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19 Nov 2024
The SME IPO of United Cotfab opened for subscription earlier today and will close on June 15. The company aims to raise about Rs 36.29 crore through the SME IPO and list the shares on BSE SME platform. Here are 10 key things investors need to know about the public offer before subscribing to the issue.
The company is engaged in the manufacturing of high quality open end yarn catering to the textile industry. The manufacturing process adheres to stringent quality standards and is backed by advanced technology and machinery. It follows a systematic approach that includes raw material selection, blending (if required), spinning, winding, and quality control.
India is the world’s second-largest producer of textiles and garments. It is also the sixth-largest exporter of textiles spanning apparel, home and technical products. India has a 4.6% share of the global trade in textiles and apparel.
The IPO is entirely a fresh equity issue of 51.84 lakh shares and through the issue, the company aims to raise nearly Rs 36.29 crore.
The company is offering its shares at Rs 70 apiece, and investors can bid for 2000 shares in 1 lot.
For the period ended March 2024, the company clocked revenues of Rs 115.29 crore and net profit of Rs 8.66 crore.
The net proceeds from the public offer for founding working capital requirements and and other general corporate purposes.
Beeline Capital Advisors is acting as the lead manager to the issue and Purva Sharegistry is the registrar.
About 50% of the offer is reserved for retail investors, and the rest 50% for other investors.
The IPO opened on June 13 and will close on June 15. The final allotment will likely be made on June 20. The company's shares will likely get listed on June 24.
Ahead of the issue opening, the company's shares were trading with a GMP of Rs 20 in the unlisted market.
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