Rachit Prints Fabricates IPO Success with BSE SME Approval
Rachit Prints, a fabric manufacturer in Meerut, secures in-principle approval from BSE SME for an IPO to raise Rs 19.5 crore. Funds will enhance operations, expand business, and manage term loans. The company supplies to leading mattress brands with a strong B2B model.
- Country:
- India
Rachit Prints, a Meerut-based specialty fabric producer, announced it has received in-principle approval from the BSE SME exchange for an initial public offering aimed at raising approximately Rs 19.5 crore.
The company, which filed its draft red herring prospectus in December 2024, is in the process of submitting an updated version with current financial data. The IPO will consist entirely of fresh issuance of up to 13.08 lakh equity shares with a face value of Rs 10 each.
The raised capital will be allocated as follows: Rs 9.50 crore towards working capital, Rs 4.40 crore for business expansion, Rs 1.32 crore for partial loan prepayment, and the rest for corporate purposes. Notable partners include Sheela Foam Ltd and Kurlon Enterprise Ltd, as Rachit Prints strengthens its B2B model in the mattress industry.
(With inputs from agencies.)
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