Xolopak India Files for IPO, Eyes Expansion

Xolopak India, a leader in sustainable disposable packaging and India's first organic disposable cutlery manufacturer, has filed for an IPO with NSE Emerge. The company aims to raise funds to acquire Atharva Poly-Plast Pvt Ltd, establish a new plant, and enhance corporate operations. The IPO will issue 52,86,000 equity shares.

Pune-based Xolopak India, specializing in sustainable disposable packaging, announced on Monday that it has filed draft papers with NSE Emerge for its initial public offering (IPO).

The IPO will see the issuance of 52,86,000 equity shares, each valued at Rs 10. This move is part of Xolopak India's strategy to grow, as outlined in its Draft Red Herring Prospectus (DRHP).

In the fiscal year 2023-24, Xolopak recorded significant revenue growth, reaching Rs 31.47 crore, compared to Rs 11.87 crore in FY 2022-23. The company also reported a net profit of Rs 6.36 crore, up from Rs 3.48 crore in the previous fiscal year.

The company plans to use Rs 20 crore from the raised funds to acquire equity shares in Atharva Poly-Plast Pvt Ltd, investing Rs 20.17 crore in a new plant and machinery. Additional funds will go towards general corporate purposes.

Atharva Poly-Plast is set to continue expanding its manufacturing capabilities for a diverse range of products, including parts for appliances, televisions, electric scooters, and executive chairs. Prominent brands like Godrej and Herman Miller will benefit from this expansion.

Promoted by Shashank Mishra and Banani Chatterjee, who have over 17 years of industry experience, Xolopak India is poised for further growth. Beeline Capital Advisors Private Ltd is the sole Book Running Lead Manager for the IPO, and Bigshare Services Private Ltd is the Registrar to the offer.

(With inputs from agencies.)