One more textile company is going to expand and raise money. Jiwanram Sheoduttrai Industries is launching its Initial Public Offering (IPO) with a plan to raise Rs. 17.07 crore. Kolkata-based Jiwanram Sheoduttrai Industries, incorporated in 1997, manufactures and exports industrial safety gloves and garments.
The fund will be utilised mainly for the working capital requirements amounting to Rs. 9.11 crore and repaying debts worth Rs. 2 crore.
The remaining money will be used for general corporate purposes and offer expenses of Rs. 2.76 crore.
The company claims that exports contributed over 59 per cent to its topline of Rs. 40.69 crore and the remaining revenue came from the domestic business in the year ended March FY ’23.
It has factories at Nandankanan and Falta SEZ in West Bengal.
