Pune-based Piotex Industries Limited, a leading supplier of yarn, fabric, and cotton bales, is set to open its initial public offering (IPO) on May 10, 2024. The IPO, which will be open for subscription until May 14, 2024, aims to raise approximately Rs. 14.47 crore. Piotex Industries Limited plans to utilize the net proceeds from the IPO to fund its working capital requirements, general corporate purposes, and meet issue expenses.
The price band for the IPO has been fixed at Rs. 94 per share, with a lot size of 1,200 equity shares. The IPO comprises a fresh issue of 15,39,600 equity shares with a face value of Rs. 10 each. Beeline Capital Advisors Private Limited is the sole Book Running Lead Manager for the IPO, while Cameo Corporate Services Limited is the Registrar.
Piotex Industries Limited, founded in 2019 by Abhay Shriram Asalkar and Yogesh Omprakash Nimodiya, operates on an asset-lite model. The company sells cotton bales and cotton yarn, which are essential materials for the spinning and weaving industry, through a sole selling agreement. Its products are used in garments and home furnishings, among other applications.
In the financial year 2023-24, Piotex Industries Limited recorded a revenue of Rs. 118.45 crore with a profit after tax (PAT) of Rs. 3 crore, compared to a revenue of Rs. 86 crore and a PAT of Rs. 2.88 crore in FY 2022-23.
With its IPO, Piotex Industries Limited aims to strengthen its position in the market and further its growth trajectory. For more information about the IPO and Piotex Industries Limited, visit their website.
