Rungta Greentech gears up to launch IPO; files draft papers with NSE Emerge

Rungta Greentech Ltd, a manufacturer of recycled and virgin plastic products, on Wednesday said it has filed its draft papers to raise funds through an initial public offering.

The initial public offer (IPO) is only a fresh issuance of 38 lakh equity shares, each with a face value of Rs 10 and the company shares will be listed on NSE Emerge, it said in a statement.

Beeline Capital Advisors Pvt Ltd is the sole book-running lead manager, and Link Intime India Pvt Ltd is the registrar to the IPO.

Proceeds from the fresh issue will be used by the company in its wholly-owned subsidiary, Rungta Eco Extrusions Pvt Ltd, for setting up a new manufacturing facility and general corporate purposes.

The new facility will serve as a forward integration to Rungta Greentech Ltd (RGL) existing products by adding food-grade recycled PET Resin and recycled HDPE/ PP granules to the portfolio.

The Kolkata-headquartered company manufactures recycled and virgin plastic products such as recycled PET (Polyethylene Terephthalate) Flakes (RPF), Polyester Dope-Dyed Monofilament Yarn (PMY), Nylon Monofilament Yarn (NMY), and Blow- and Injection-Molded Jars and Caps (BM & IM).

It operates two manufacturing facilities in Howrah, West Bengal.

The company was established by promoter duo Deepak Rungta and Praveen Rungta in August 2005.

RGL recorded a revenue of Rs 23.76 crore and a profit of Rs 2.45 crore in the first half of the current financial year, which ended September 30, 2023.

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