United Cotfab Limited Announces ₹36.29 Crore IPO for June 2024

United Cotfab Limited, a prominent manufacturer of recycled open-end cotton yarn, is set to launch an Initial Public Offering (IPO) on June 13, 2024, aiming to raise ₹36.29 Crore. The Ahmedabad-based firm plans to utilize the proceeds for working capital and general corporate purposes.

Ahmedabad (Gujarat) [India], June 11: United Cotfab Limited, a leading name in recycled open-end cotton yarn, has announced an Initial Public Offering (IPO) scheduled to open on June 13, 2024. The Ahmedabad-based textile company aims to raise ₹36.29 Crore through this equity market entry.

Originally incorporated as United Cotfab LLP in 2015, the firm has since made significant strides in the textile industry. The shares will be listed on the BSE SME platform, with a fixed price of Rs.70/- per share. The IPO will close on June 19, 2024.

Chairman and Managing Director, Mr. Gagan Nirmalkumar Mittal, expressed optimism about the IPO, citing the company’s strong foothold in the yarn industry and its sustainable practices, including a 1 MW solar power plant installation. The proceeds will be used to meet working capital requirements and general corporate purposes.