The issue proceeds will be utilized to meet Working Capital requirement and General Corporate Purposes
FinTech BizNews Service
Mumbai, June 10, 2024: Ahmedabad based United Cotfab Limited’s IPO will opens on 13th June 2024.
Ahmedabad based United Cotfab Limited is engaged in manufacturing of high quality open-end cotton yarn, also engaged in selling and distribution of open end cotton yarn and cotton waste. Originally incorporated in 2015 as United Cotfab LLP is now entering in to equity market and has announced an Initial Public Offer to open on 13th June 2024. The company is aiming to raise Rs 36.29 Crore at an Issue Price of Rs.70/- per share having face value of each share is Rs. 10, set to be listed on the BSE SME platform. IPO Closing date is 19th June 2024.
IPO Information:
Issue Opens on – Thursday, June 13, 2024
Issue Closes on – Wednesday June 19, 2024
Issue Size – Rs. 36.29 Cr.
Issue Price Rs. 70/-
Face Value – Rs. 10/-
Issue Type – Fresh Issue – Fixed Price
No. of Shares – 51, 84,000 Equity Shares
Lot Size – 2000 Equity Shares
HNI Quota – 24,62,000 Equity Shares
Retail Quota – 24,62,000 Equity Shares
Market Maker Quota – 2, 60,000 Equity Shares
The Lead Manager to the Issue is Beeline Capital Advisors Pvt. Ltd. and the Registrar to the issue is Purva Sharegistry (India) Pvt. Ltd.
Mr. Gagan Nirmalkumar Mittal, Chairman and Managing Director, having more than 18 years of experience in the Textile Industry Said, “We are pleased to announce our forthcoming IPO. We have a strong foothold in the Yarn Industry and Years of experience in manufacturing Cotton open end yarn. Yarn is the end product of spinning, vital for cotton woven or knitted fabric. We are also engaged in selling and distribution channel of open end cotton yarn and cotton waste. The issue proceeds will be utilized to meet Working Capital requirement and General Corporate Purposes.”
United Cotfab Limited is located at Dascroi- Ahmedabad Originally incorporated as United Cotfab LLP in 2015 under the LLP Act, 2008. Well Equipped with modern and automatic plant and machinery for manufacturing high-quality open-end yarn for the textile industry. The manufacturing process upholds strict quality standards with advanced technology and machinery support, also manufacturing facility with an annual installed capacity of approximately 9,125 MT. Yarn is widely used in knitting, weaving, crocheting, and various textile products.
The Company recorded a revenue of Rs. 115.53 Crs. with a profit after tax of Rs. 8.67 Crs. in the financial year 2023-24, compared to revenue of Rs. 64.02 Crs. with a profit after tax of Rs. 0.14 Crs. in financial year 2022-23.
