Receives bids for 36.45 lakh shares
The initial public offer (IPO) of Shree Pushkar Chemicals & Fertilisers received bids for a total of 36.45 lakh shares on the first day of bidding for the IPO today, 25 August 2015, compared with 1.14 crore equity shares on offer, as per data from the National Stock Exchange (NSE) website at 16:00 IST. The IPO was subscribed 0.32 times. The bidding for the IPO concludes on Thursday, 27 August 2015.
The company plans to raise upto Rs 70 crore. The IPO comprises of fresh issue of equity shares and an offer for sale of 20.26 lakh shares by the selling shareholder viz. India Enterprise Development Fund (IEDF). The price band for the IPO has been fixed at Rs 61 to Rs 65 per share.
Promoted by first generation entrepreneurs Punit Makharia and Gautam Makharia, Shree Pushkar Chemicals & Fertilisers manufactures dye intermediates, sulphuric and its derivative acids and Di-Calcium Phosphate. The company also manufactures Single Super Phosphate (SSP) and Soil Conditioner. The company intends to utilize the proceeds of the IPO for acquisition of an existing factory at Lote Parshuram in Maharashtra, which is located near the company's existing manufacturing facilities. The proceeds of the IPO will also be utilised for financing the setting up of new manufacturing facilities for manufacture of reactive dyes with a capacity of 3,000 tonnes per annum (TPA), H-Acid with a capacity of 750 TPA and Vinyl Sulphone (VS) Ester with a capacity of 1,000 TPA. The proceeds of the IPO will also be utilized for setting up of additional effluent treatment plant at the existing facility, construction of additional godowns at existing facility for meeting the additional storage requirements for finished goods and for general corporate purposes.
The company's net profit rose 78.72% to Rs 18.65 crore on 26.86% growth in revenue from operations to Rs 266.52 crore in the year ended 31 March 2015 (FY 2015) over the year ended 31 March 2014 (FY 2014).
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