Rungta Greentech files IPO papers with NSE Emerge

City-based Rungta Greentech Limited (RGL), a manufacturer of recycled and virgin plastic products, has filed its Draft Red Herring Prospectus (DRHP) with the NSE Emerge for its initial public offering (IPO).

NSE Emerge is a separate bourse of the National Stock Exchange targeted at small and medium enterprises only to tap the capital market.

The RGL said the IPO will consist of a fresh issue of 38 lakh equity shares, each with a face value of Rs 10.

The company operates two manufacturing facilities at Howrah in West Bengal.

As part of its growth strategy, RGL plans to invest a significant portion of the IPO proceeds in its wholly-owned subsidiary, Rungta Eco Extrusions, for a new manufacturing facility.

The company specialises in the production of various plastic products, including recycled PET, flakes, polyester dope-dyed monofilament yarn (PMY), nylon monofilament yarn, and blow- and injection-moulded jars and caps (BM & IM).

These product lines cater to diverse sectors, including packaging, textiles, aquaculture, agriculture, and the edible oil industry.

In this segment, BSE SME and NSE Emerge together list over 750 companies. Both the bourses allow such companies to switch to the mainboard.

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