Rachit Prints Ltd Launches Rs 19.5 Crore IPO

Rachit Prints Ltd, a Meerut-based fabric manufacturer, announces an IPO with a price band of Rs 140-149 per share to raise Rs 19.5 crore, opening on September 1. Proceeds will support working capital, purchase of machinery, debt repayment, and corporate needs. The company has seen steady revenue growth.

Rachit Prints Ltd, known for producing specialty fabrics in Meerut, is set to launch its initial public offering (IPO) at a price band of Rs 140-149 per share. The IPO, aimed at raising Rs 19.5 crore, opens on September 1 and closes on September 3, marking a significant step for the company's expansion.

The public issue is a fresh offering of up to 13.08 lakh equity shares, each with a face value of Rs 10. The funds raised will primarily support working capital needs, with Rs 9.5 crore allocated to this purpose, Rs 4.4 crore for purchasing new machinery, and Rs 1.32 crore for debt repayment, along with other corporate objectives.

Rachit Prints Ltd, established by Anupam Kansal in 2003, supplies fabrics to major mattress brands like Sleepwell and Kurlon Enterprises. The company has reported steady revenue growth, bolstered by government subsidies under the Amended Technology Upgradation Fund Scheme. Khambatta Securities and Maashitla Securities serve as the lead manager and registrar for the IPO, respectively.

(With inputs from agencies.)