Nandan Terry Pvt Ltd IPO

Last Updated: 24 July 2023 4:48 PM by 5Paisa

IPO Synopsis
Ahmedabad-based Nandan Terry has filed the draft red herring prospectus (DRHP) with market regulator Sebi to launch its initial public offering. The company plans to raise Rs 255 crores through its public issue.
The Chiripal Group company is going to consider fund raising of Rs 40 crore in a pre-IPO placement which will reduce the initial issue
Promoters hold 79.65% stake in the company and the rest of shareholding is held by the public. Promoters Devkinandan Corporation LLP and Chirpal Exim LLP hold 26.35% stake each in the company.
Holani Consultants and BOI Merchant Bankers are the book running lead managers for the issue, while Link Intime is the registrar.

Objective of the Issue
The issue proceeds will be utilised for 
•    Repaying debt
•    Working capital requirements
•    General corporate proposes
 

Ahmedabad based company, Nandan Terry Limited, belongs to Chiripal group, a textile conglomerate, is engaged in manufacturing of terry towels and toweling products in Gujarat. 
Chiripal Group enjoys presence in industries such as textiles, education, real estate, packaging and chemicals and offers a wide spectrum of manufacturing, contract manufacturing, trading, distribution and service-related activities in sectors like textiles, education, packaging, infrastructure, petrochemical etc. for more than 3 decades.
Cotton bales are procured from domestic and international markets while the cotton yarn is manufactured by the company which is used as a raw material in manufacturing of terry towels & toweling products.
 The cotton yarn manufactured at the company’s units and woven fabric cloth is sold as per the demand and to boost sales.
The company has five (5) manufacturing units and facilities are situated in the state of Gujarat, India and caters to manufacturing products for business – to – business (B2B) segment.
Additionally, designs and manufactures wide portfolio of terry towels & toweling products for various domestic and international brand along with having an in-house research and design facility to cater to all kind of designs and trends as per customer's need. The strictly compliant internal quality control and international standards of quality has allowed the company to expand internationally to countries including United States of America, Canada, Israel, Germany, Hong Kong, Sweden, United Kingdom, Australia etc.
 

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