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Globe Textiles India Ltd. (GTIL), a star export house of textiles, fabrics and garments, on Tuesday, said it has received approval on DRHP filed for its Initial Public Offer to list on the NSE-EMERGE platform to raise Rs 13.7 crore.
The issue opens on June 12 and closes on June 15.
The net proceeds will be used as working capital, and also for general corporate purposes and to meet issue expenses, the Ahmedabad-based company said in a release here.
The issue will combine 13.68 lakh fresh equity shares and an offer for sale of 13.20 lakh equity shares by promoters Bhavik Parekh, Managing Director, and Nilay Vora. Each equity share of face value Rs 10 will be priced at Rs 51. Hem Securities Ltd. is the lead manager to the issue.
Globe Textiles is also Oeko-Tex certified and all its production facilities have been set up in an environmentally-friendly manner.
For five financial years from 2012-13 to 2016-17, GTIL recorded a consecutive rise in compounded annual growth rate (CAGR) of 25%. It crossed a cumulative turnover of Rs. 50 crore in 2010—11 and recorded a 100% growth, doubling the number in just two years. In 2016-17, the total revenues rose to Rs. 190.4 crore, the release added.
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