The initial public offering of Sheetal Universal Ltd will open on Monday and close on Wednesday. The company plans to raise approximately ₹23.80 crore from the issue and aims to be listed with NSE Emerge. The IPO will comprise a fresh issue of 34 lakh shares at a fixed price ₹70 a share.
The Rajkot-headquartered company is engaged in sourcing, processing and supply of agricultural products such as peanuts, sesame seeds, spices and grains to cater for the manufacturers of peanut butter, biscuits, cakes, chocolate and food products.
The net proceeds from the issue will be used for funding capital expenditure, working capital requirement, general corporate purpose and to meet public issue expenses. Furthermore, it intends to venture into new products management like producing protein powder and cold press extract oil, plans to set up manufacturing facility for defatted protein powder (dry powder) powder and extract cold press oil from raw peanuts, almonds, cashewnuts and seeds, considered as vegan foods, for India and export market.