A-1 Acid raises ₹18 cr

Our Bureau Mumbai | Updated on October 04, 2018 Published on October 04, 2018

A-1 Acid, an industrial acid and chemical supplier for textile, steel and aluminium industries, has raised ₹18 crore through an initial public offering on the SME platform. Dolfin Rubbers, which is engaged in manufacturing all types of auto and animal-driven vehicle tubes, also raised ₹5.2 crore, issuing 20 lakh shares at a fixed price of ₹26 a share.

Both the issues, which were managed by Guiness Corporate Advisory Services, will list on the BSE SME platform.

A-1 Acid had issued 30 lakh shares at a fixed price of ₹60 a share to meet working capital requirements.

The company’s major clients include s, Meghmani Organics, Bodal Chemicals, Hindalco, NTPC, GSFC, IIFCO, Grasim, Jindal Stainless, JSW Energy, Amul. It recorded revenue of ₹96 crore and profit of ₹2.48 crore in FY18.

Dolfin Rubbers manufactures a wide range of butyl rubber tubes suitable for tyres used in mopeds, scooters, motorcycles, cars, jeeps, buses, trucks and tractors.

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Published on October 04, 2018
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