Shiv Texchem IPO to open on October 8

Since its founding in 2005, Shiv Texchem Limited has been importing and distributing secondary and tertiary chemicals based on hydrocarbons, which are crucial raw materials for a wide range of industries. The business distributes these chemicals to the domestic industry after purchasing them from foreign producers and suppliers. The company’s customer base increased from over 400 to over 650 during the last three fiscal years, and its product portfolio increased from 21 products in FY 2022 to 39 products in FY 2024. There were fifty permanent workers at Shiv Texchem as of March 31, 2024. Among the company’s principal clients are Gujarat Fluorochemicals Ltd., Hemani Industries Ltd., and Apcotex Industries Ltd. From 30 suppliers in Fiscal 2022 to 60 suppliers in Fiscal 2024, the company has also increased its supplier base.

Shiv Texchem IPO:

The hydrocarbon-based chemical importer and distributor Shiv Texchem has decided to launch its initial public offering for subscription on October 8 at a price range of Rs 158–166 per share. The company’s red herring prospectus, which was filed on September 30, states that it plans to raise Rs 101.35 crore through a public offering that will only include a new issue of 61.05 lakh equity shares.

This company, after Sahasra Electronics Solutions, Vision Infra Equipment Solutions, Mach Conferences and Events, Ganesh Green Bharat, Petro Carbon and Chemicals, and KP Green Engineering, will be the seventh in the SME segment to raise more than Rs 100 crore through an initial public offering (IPO) this year. The company’s initial public offering (IPO) will commence on October 7 and run for a full day. The public issue will end on October 10. Effective October 15, its equity shares will be traded on the BSE SME. The issue’s only book running lead manager is Vivro Financial Services.

Shiv Texchem IPO Objective:

The company intends to use the gross proceeds from the issue to fund its general corporate purposes and meet its long-term working capital requirements.

Conclusion: The company will use the entire Rs 75 crore Shiv Texchem IPO fund for long-term working capital needs as well as general corporate purposes.