Stocks

Shree Ram Proteins to raise ₹20 cr via IPO

Our Bureau Mumbai | Updated on January 27, 2018

Shree Ram Proteins, a leading manufacturer of cotton linter, animal feed, cottonseed oil and cottonseed oil cake, plans to tap the capital market to raise ₹20 crore through an SME initial public offer.

The issue will close on January 25, and the stock will be listed on NSE Emerge.

Shree Ram Proteins will issue 64.20 lakh shares in a price band of ₹27-31 a share and the minimum lot size is 4,000 shares. The company plans to use the proceeds to meet working capital requirements. The company has crushing capacity of cotton seeds of 4,300 tonnes a day and is operating at 300 tonnes a day. Post infusion of the proceeds of the IPO, the company plans to operate its plant at full capacity, it said in a statement.

The company’s products are sold across Gujarat, Maharashtra, Rajasthan and Punjab and has the potential to tap the southern markets. It also exports products to China, Japan, Taiwan, Netherlands, South Korea and West Asia. Lailitkumar Vasoya, MD, said the company is working on forward integration, such as refining crude cottonseed oil and setting up of cotton linter bleaching process, which will increase margins, going forward. Shree Ram Proteins declared revenues of ₹157.80 crore for FY18.

Published on January 24, 2018

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