Sheel Biotech Launches Eco-Friendly Agriculture IPO

Sheel Biotech, a notable player in biotechnology-driven agriculture solutions, has disclosed a price range of Rs 59-63 per share for its Rs 34.02 crore initial public offering (IPO). The public subscription for the IPO will commence on September 30 and close on October 3.

The IPO will be a fresh issue of 54 lakh equity shares, set to raise Rs 34.02 crore. The funds raised will be allocated for working capital requirements (Rs 15.88 crore), capital expenditure (Rs 9.11 crore), and general corporate purposes.

'The proceeds from this issue will bolster our research and development, increase production capacity, and expand our delivery of advanced, eco-friendly solutions to farmers and agri-businesses both in India and worldwide,' stated Divye Chandak, Promoter & Managing Director of Sheel Biotech Ltd. The company's shares will be listed on NSE's SME platform, with Narnolia Financial Services as the lead manager and Skyline Financial Services handling IPO registration.

(With inputs from agencies.)