Textile manufacturer Raghuvir Exim has taken a significant step towards raising capital by filing draft papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).
As outlined in the draft red herring prospectus (DRHP) submitted on March 31, the IPO comprises a combination of a fresh issue of 1.4 crore shares and an offer-for-sale (OFS) of 45 lakh equity shares by promoter Sunil Agarwal.
The company plans to allocate ₹112.87 crore from the net fresh issue proceeds towards establishing two stitching units in Ahmedabad, Gujarat, with the remaining funds earmarked for general corporate purposes.
Raghuvir Exim specializes in the transformation of semi-finished fabrics into finished textiles and boasts a significant export revenue, accounting for 97 percent of its total earnings. Over the past three fiscal years, the company has exported its products to over 25 countries, including the United States, Canada, the United Kingdom, Israel, and Australia.