Sunlite Recycling Industries IPO opens on Aug 12, 2024
Sunlite Recycling Industries Limited is set to tap the capital markets with its Initial Public Offering (IPO) to raise ₹30.24 crores. This SME IPO is scheduled to open for subscription between August 12 and 14, 2024.
Company Profile
Sunlite Recycling Industries is engaged in the manufacturing of copper rods, wires, earthing wires, strips, conductors, and wire bars through the recycling of copper scrap. The company’s products find applications in the power generation, transmission, distribution, and electronic industries.
IPO Details
Issue Type: Book Building / Fresh Issue
Issue Size: ₹30.24 crores
Price Band: ₹100 – ₹105 per share
Minimum Order Quantity: 1200 shares
Listing Exchange: NSE SME
Tentative Listing Date: August 20, 2024
Objective of the Sunlite Recycling Industries Limited IPO
The primary objectives of Sunlite Recycling Industries Limited’s IPO are:
Funding Capital Expenditure: A significant portion of the proceeds will be invested in acquiring new plant and machinery to enhance production capacity and efficiency. This expansion is likely aimed at meeting increasing demand for copper products.
Debt Reduction: The company plans to utilize a part of the raised funds to repay or prepay existing borrowings, thereby strengthening its financial position and reducing interest costs.
General Corporate Purposes: This category typically includes working capital requirements, research and development expenses, and other general corporate activities necessary for business growth and operations.
By achieving these objectives, Sunlite Recycling Industries aims to strengthen its market position, improve profitability, and create long-term value for its shareholders.
Important Dates
IPO Open Date : Monday, August 12, 2024
IPO Close Date : Wednesday, August 14, 2024
Basis of Allotment : Friday, August 16, 2024
Initiation of Refunds : Monday, August 19, 2024
Credit of Shares to Demat : Monday, August 19, 2024
Listing Date : Tuesday, August 20, 2024
Refer Red Herring Prospectus for more details
Disclaimer: This article is for informational purposes only and should not be considered as investment advice. Investors are advised to conduct their own due diligence before making any investment decisions.