The issue will close on December 6, 2023
FinTech BizNews Service
Mumbai, December 4, 2023: Gujarat-based leading agricultural product processor and exporter Sheetal Universal Limited’s initial public offer is all set to open today, December 4, and will close on Wednesday, December 6, 2023. The IPO comprises a fresh issue of 34 lakh equity shares with a face value of Rs 10 each at a fixed price of Rs 70 per share. Beeline Capital Advisors Private Limited is the Lead Manager for the issue, whereas Bigshare Services Private Limited is the registrar.
The company plans to raise approximately Rs. 23.80 crore from the issue and to be listed with NSE Emerge. The net proceeds from the issue will be used for funding capital expenditures, working capital requirements, general corporate purposes, and to meet public issue expenses. Furthermore, it intends to venture into new product management, like producing protein powder and cold press extract oil, and plans to set up a manufacturing facility for defatted protein powder (dry powder) powder and extract cold press oil from raw peanut, almond, cashew nut, and seed considered vegan foods for the Indian and export markets.
Sheetal Universal Limited operates a manufacturing and processing facility in Jamnagar district at Haripar Khandhera, which is spread over 14,568 Sq Mts with a constructed area of 6,000 Sq Mts. The facility implements an extensive and stringent quality control mechanism at each stage of the process to ensure that its finished product meets its customers’ specifications. The company exports its products to various countries, including the Russian Federation, Indonesia, Malaysia, Vietnam, the UAE, Iran, Algeria, Israel, Turkey, and Egypt.
In FY2022-23, the company's total income increased to Rs. 131.65 crore, up from Rs. 39.84 crore in FY2021-22. It recorded a profit (PAT) of Rs. 1.98 crore in 2022–23, compared to Rs. 28.31 lakh in FY2021-22. Further, for the first half of FY 2024, the company has achieved a total income of Rs. 56.75 crore with a recorded profit (PAT) of Rs. 1.88 crore.
