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Ahmedabad Business

Nandan Terry files Rs 255-crore IPO papers with Sebi

by TLAteam December 13, 2021
written by TLAteam December 13, 2021
Nandan Terry files Rs 255-crore IPO papers with Sebi

Nandan Terry, a member of the Chiripal group, has filed preliminary documents with market regulator Sebi in order to raise Rs 255 crore through an initial public offering (IPO).

According to the draft red herring prospectus(DRHP), the proceeds of the public offering will be used to pay off debt, fund working capital requirements, and general corporate purposes

The company may consider a pre-IPO placement to raise Rs 40 crore. The issue size will be reduced if a pre-IPO round is conducted.

Nandan Terry, based in Ahmedabad, was established in 2015 and is a fully vertically integrated company that manufactures terry towels and towelling products.

Apart from developing terry towels and towelling products, the company also sells the cotton yarn produced at its units in order to increase sales.

Revenues from operations for the fiscal year 2021 totaled Rs 538.52 crore, a 25.42% increase from Rs 429.39 crore in fiscal 2020, owing primarily to increased sales of cotton yarn, towel, and towelling products.

Its profit for the fiscal year 2021 was Rs 23.38 crore, up from Rs 1.22 crore in the previous fiscal year.

Holani Consultants and BOI Merchant Bankers are the issue’s book running lead managers.

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