Divyadhan Recycling's 24.17 Crore IPO Aims to Transform Sustainable Manufacturing

Divyadhan Recycling Industries Limited is launching an IPO on September 26, 2024, to raise Rs 24.17 crore. Funds will be used for capital expenditure and corporate purposes, expanding their sustainable manufacturing capabilities. Shares will be listed on NSE Emerge, with bidding closing on September 30, 2024.

Mumbai (Maharashtra) [India], September 24: Divyadhan Recycling Industries Limited, a leading manufacturer of recycled polyester staple fiber and pellets, is set to initiate its Initial Public Offering (IPO) on September 26, 2024. The company aims to raise Rs 24.17 crore, with the shares being listed on the NSE Emerge platform.

The IPO will comprise up to 37,76,000 equity shares at a face value of Rs 10 each. The equity share allocations are categorized as follows: up to 10,70,000 equity shares for the QIB Anchor Portion, up to 7,16,000 equity shares for Qualified Institutional Buyers, not less than 5,38,000 equity shares for Non-Institutional Investors, not less than 12,52,000 equity shares for Retail Individual Investors, and 2,00,000 equity shares for the Market Maker. The net proceeds will be utilized for capital expenditure and general corporate purposes. The bidding for the Anchor Portion starts on September 25, 2024, and the issue will close on September 30, 2024.

Varun Gupta, Managing Director of Divyadhan Recycling Industries, commented, "This public offering is a significant milestone in our journey to enhance our production capabilities and adopt new sustainable manufacturing opportunities. The raised funds will help us invest in advanced technologies, upgrade our infrastructure, and scale operations to meet the rising demand for recycled polyester products."

The book running lead manager for the IPO is Narnolia Financial Advisors Limited, while Skyline Financial Services Private Limited is the registrar to the issue. Vipin Aggarwal, Director of Investment Banking at Narnolia Financial Advisors Limited, stated, "As Divyadhan approaches its IPO, we are proud to support their advancements in the Indian polyester fiber market. Their innovative business model and strategic plan position them well to capitalize on recycling trends and the increasing demand for polyester staple fiber."

This IPO is expected to significantly boost the company's operational efficiency and support future growth and expansion.

(With inputs from agencies.)