Madhur Knit Crafts to raise ₹53 crore via IPO on NSE Emerge
The company will issue 53.27 lakh equity shares priced between ₹95 and ₹100; The subscription opens Monday, with anchor bidding starting Friday
Madhur Knit Crafts aims to raise ₹53 crore through an initial public offering on the NSE Emerge platform. The company will offer 53.27 lakh equity shares within a price range of ₹95-₹100 per share. The subscription for the issue will commence on Monday, with anchor bidding kicking off on Friday. SKI Capital has been designated as the Book Running Lead Manager, while Skyline Financial Services will act as the Registrar.
The net proceeds from the IPO will be allocated towards capital expenditure, including the acquisition of solar panels, repayment of outstanding borrowings, and general corporate purposes.
Arun Gupta, the promoter and Managing Director of Madhur Knit Crafts, highlighted that the company has developed an integrated textile manufacturing platform, encompassing yarn processing to finished fabrics and textile products. He further stated that the IPO will enable the firm to bolster its operational capabilities, address rising working capital needs, and invest in a rooftop solar power plant aimed at enhancing energy efficiency and sustainability.
Ghanisht Nagpal, a Partner at SKI Capital Services, noted that the company has experienced significant growth due to its integrated manufacturing capabilities, diversified textile portfolio, and experienced management team. According to him, the proposed issue will support the company's next phase of growth and enhance its visibility. He added that the listing will provide a platform for the company to pursue its long-term business objectives while maintaining a focus on operational efficiency and sustainable growth.
Madhur Knit Crafts offers a wide range of blankets, winter textiles, knitted fabrics, and garments, catering to both direct consumers and retailers, wholesalers, and apparel and home textile segments. Although its primary market remains domestic, the company utilizes Ludhiana's robust textile ecosystem for efficient sourcing, supply chain management, and nationwide distribution, with a minimal presence in technical textiles like paint roller fabrics.
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