Sanathan Textiles Refiles IPO Papers For Rs 800 Cr
Sanathan Textiles, a yarn products manufacturer, has refiled its preliminary IPO papers with SEBI for the third time, aiming to raise Rs 800 crore. The IPO will feature a fresh issuance of equity shares worth Rs 500 crore and an offer-for-sale of Rs 300 crore by promoters.
The company initially filed draft papers with SEBI in January 2022, received approval in May 2022, but did not proceed with the IPO. It refiled in April 2024 but had the documents returned on July 31.
Sanathan Textiles may consider raising Rs 100 crore through a pre-IPO placement before filing the Red Herring Prospectus with the Registrar of Companies, which would reduce the fresh issue amount. The company plans to use Rs 375 crore of the net proceeds from the fresh issue to repay debt, with the remainder allocated for general corporate purposes.
With over 2,800 active yarn varieties and more than 30,000 SKUs, Sanathan Textiles is supported by DAM Capital Advisors and ICICI Securities as the book-running lead managers for the issue.
