The company expects the proposed listing of its shares to increase its visibility.
New Delhi:
Lohia Corp, a manufacturer of machines used in the production of technical textiles, has submitted design documents to Sebi, the capital markets regulator, to raise money through an initial public offering (IPO).
The IPO is entirely an Offer-For-Sale (OFS) of 31,695,000 shares by promoters and other shareholders, according to the Draft Red Herring Prospectus (DRHP) filed Thursday.
The company expects the proposed listing of its shares to improve its visibility and brand image, provide liquidity to shareholders and provide a public market for its shares in the country.
Lohia Corp, based in Kanpur, is the manufacturer of machinery and equipment used in the production of technical textiles, especially for the production of woven fabrics and bags of polypropylene and high-density polyethylene.
As of March 31, 2022, the company had a customer base of more than 2,000 customers in more than 90 countries worldwide.
Operating income increased to Rs 2,237.48 crore for the fiscal year 2022 from Rs 1,333.79 crore for the fiscal year 2021 while the profit after tax increased to Rs 160.85 crore from Rs 119.30 crore in the same period.
ICICI Securities, IIFL Securities, HSBC Securities and Capital Markets (India) Private Limited and Motilal Oswal Investment Advisory are the book-running lead managers on the matter. The company’s shares will be listed on the BSE and NSE.
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