Ahmedabad based Chiripal Group’s subsidiary Nandan Terry has filed Draft Red Herring Prospectus (DRHP) with the market regulator SEBI to raise Rs 255 crores through an initial public offering.
Holani Consultants Private Limited and BOI Merchant Bankers Limited are appointed as the lead managers helping the company with the issue.
The company has reserved not more than 50 per cent of the issue of qualified institutional buyers (QIB), whereas non-institutional investors will have not less than 15 per cent of shares allocated to them. The remaining 35 per cent of the stake will be allocated to retail institutional bidders.
Incorporated in 2015, Nandan Terry is a fully vertically integrated company engaged in the principal business of manufacturing terry towels & toweling products. It enjoys a presence in industries such as textiles, education, real estate, packaging and chemicals and offers a wide spectrum of manufacturing, contract manufacturing, trading, distribution and service-related activities to sectors like textiles, education, packaging, infrastructure, petrochemical besides others.
At present, promoters Devkinandan Corporation LLP, Chirpal Exim LLP each holds 26.35%, and individual Promoters Vedprakash Chirpal and Brijmohan D Chirpal hold 0.43% respectively. Others promoters are Savitridevi V Chiripal, Jyotiprasad Chiripal, Jaiprakash Chiripal, Pritidevi Chiripal and Ronak Brijmohan Chiripal together hold 26.09% of the company.
Nandan Terry posted its revenues from operations for FY 2020-21 stood at Rs 538.52 crore, a 25.42% year-on-year increase as compared to Rs 429.39 crore in fiscal 2020. Its annual profit for FY 2020-21 stood at Rs 23.38 crore, which increased from Rs 1.22 crore. For the six months ended September, the company posted its revenue was Rs 501.81 crore while profit was Rs 30.62 crore.
