| The initial public offer (IPO) of Divyadhan Recycling Industries received bids for 57,88,000 shares as against 37,76,000 shares on offer, as per NSE data as of 17:00 hours on Thursday (26 September 2024). The issue was subscribed 1.53 times.
The issue opened for bidding on Thursday (26 September 2024) and it will close on Monday (30 September 2024). The price band of the IPO is fixed between Rs 60 to Rs 64 per share. The minimum order quantity is 2,000 equity shares. The equity shares will list on NSE’s SME platform.
The IPO comprises fresh issue of 37,76,000 equity shares. The promoter and promoter group shareholding will dilute to 69.24% from 94.06% pre-issue.
About 2,00,000 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 35,76,000 equity shares. The issue and the net issue will constitute 26.39% and 25.00% respectively of the post offer paid up equity share capital of the company.
The company intends to utilize the net proceeds to meet working capital requirement and general corporate purpose.
Ahead of the Divyadhan Recycling Industries on Wednesday, 25 September 2024, raised Rs 6.84 crore from anchor investors. The board allotted 10.70 lakh shares at Rs 64 per share to 4 anchor investors.
Divyadhan Recycling Industries engaged in the business of manufacturing of Recycled Polyester Staple Fibre (R-PSF) and Recycled Pellets. The recycled fibre and pellets are produced from post-consumer PET bottles also known as Polyethylene Terephthalate bottles. As of 31 August 2024, the company has 83 employees.
The company recorded revenue from operations of Rs 56.12 crore and net profit of Rs 2.37 crore for the period as of 31 March 2024.
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