A leading player in the production of specialised technical textiles, Shree Karni Fabcom Limited, has said that it will launch its initial public offering (IPO) on 6th March 2024. With shares scheduled to be listed on the NSE Emerge platform, the company hopes to generate Rs. 42.49 crore on the higher price band through this initial public offering.
In order to increase the range of products offered, the net proceeds from the initial public offering (IPO) will be used to finance capital expenditures such as the establishment of a dyeing facility in the Navsari District of Surat, Gujarat, and the acquisition of new equipment that will be installed at a new bag manufacturing facility in Palsana, Surat, Gujarat. Additionally, money will be set aside to cover the company’s regular corporate expenses and working capital needs.
Rajiv Lakhotia, Managing Director of Shree Karni Fabcom Limited expressed, “Embarking on this momentous journey of taking Shree Karni Fabcom Limited public with our IPO fills us with immense pride and excitement. Our journey has been characterized by a relentless commitment to quality and innovation in the manufacturing of specialized technical textiles.”
He added that the company wants to use the money raised to finance capital expenditures, such as the construction of a cutting-edge dyeing facility in Gujarat’s Navsari District and the purchase of new equipment for a future Palsana bag production facility.
Manav Goenka, Director of Horizon Management Private Limited said, “Entering a momentous phase in the journey for Shree Karni Fabcom Limited, this IPO signifies a remarkable leap towards new horizons. With a diversified product portfolio, the company has demonstrated its ability to meet the evolving needs of various industries. We are confident that Shree Karni Fabcom Limited’s forward-thinking approach will enable it to seize emerging market opportunities and achieve continued success.”
