Public Market IPO
B2B fabric player Sitaram Denims files IPO papers
Source Sitaram Denims India (opens in a new tab)Economic Times (opens in a new tab)
Bhilwara-based Sitaram Denims India has filed draft papers to raise capital through an initial public offering. The proposed issue consists of a fresh issue of 2.64 crore equity shares and an offer for sale of 44.71 lakh shares by promoters Madhu Nuwal, Mamta Nuwal, and Sangeeta Nuwal. SMC Capitals is acting as the book-running lead manager.Established in 2011, Sitaram Denims India manufactures and supplies woven fabrics, including denim, cotton-spandex, and various blended fabrics, for the apparel industry.The company plans to use the proceeds from the fresh issue to repay outstanding borrowings, fund working capital requirements, and set up a new readymade garment manufacturing facility in Bhilwara.