New Delhi: Rachit Prints, a Meerut-based specialty fabric maker, on Wednesday said it has received in-principle approval from the BSE SME exchange to raise around Rs 19.5 crore through initial public offering.
The company had filed its draft red herring prospectus with BSE SME in December 2024, and is now in the process of submitting the red herring prospectus with updated financials, it said.
The Initial Public Offering (IPO) is entirely a fresh issue of up to 13.08 lakh equity shares with a face value of Rs 10 each, aiming to raise approximately Rs 19.50 crore through the book-building route.
The net proceeds will be utilised with Rs 9.50 crore allocated for working capital requirements, Rs 4.40 crore for business expansion (including capital expenditure for plant and machinery), Rs 1.32 crore for partial prepayment of term loans, and the remaining funds for general corporate purposes.