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Mandhana to raise capital through IPO

27
Apr '10
A vertically integrated textile and garment manufacturing company, 'Mandhana Industries Limited' is going to enter the Indian capital markets with an initial public offering ('IPO'). The company will offer around 8.3 million equity shares of Rs.10 each, for which the price will be decided through a 100 percent book-building process (issue). The issue opens on April 27, and closes on April 29, 2010.

The price band for each equity share has been fixed between Rs120 and Rs130. The company deals in textile and garment segments with the focus on capitalizing the vertical integration of operations which would cut down raw material prices as well as would make the company to come out with quality products, to generate higher profit margins from the garment business.

The overall garment production capacity of the company is 3.6 million pieces per annum, which it churns out with the help of 1,150 sewing machines. This production capacity is expected to improve up to 8.3 pieces per annum after expansion. Moreover, the company also houses equipments to carry out processes like embroidery, printing & washing.

Yarn dyeing capacity of the company is 3 million kgs per annum and Mandhana generates revenue through yarn sales also.

The Company caters to the retail companies like Aditya Birla Nuvo (Louis Phillipe, Van Heusen, Peter England, Allen Solly), Pantaloon Retail, ITC (Wills LifeStyle), Woodland, Liliput, Blackberry, Indian Terrain Clothing, Colorplus Fashion, Turtle, PJL Clothing India Limited (Indian manufacturer of Pepe), Gini and Jony Limited and S-Oliver.

Mandhana Ind. Ltd. intends to establish a new garment factory at MIDC, Tarapur Maharashtra utilizing the proceeds of the issue. These proceeds would also be utilized to develop its weaving facility at MIDC, Tarapur, Maharashtra, keeping some amount aside for working capital, general corporate purpose and meeting issue expenses.

Fibre2fashion News Desk - India


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