Chiripal Industries IPO Files for DRHP with Sebi
Chiripal Industries (CIL), one of the leading vertically integrated textile players in the country, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). CIL proposes to access the domestic capital market with its initial public offering (IPO) of 14,216,700 equity shares of Rs 10 each for cash at a price to be decided through 100% book-building process.
The IPO comprises of a net issue to public of 12,100,000 equity shares of Rs 10 each, Promoters’ contribution of 1,916,700 equity shares of Rs 10 each and a reservation of up to 200,000 equity shares of Rs 10 each for eligible employees. The net issue will constitute 34.57% of the post issue paid up capital of the company.
The equity shares are proposed to be listed on Bombay Stock Exchange and National Stock Exchange. The company is also considering a pre-IPO placement prior to the issue. If the Pre-IPO Placement is completed, the net issue to the public would be reduced to the extent of such pre-IPO placement, subject to a minimum net issue to the public being 25% of the post issue paid-up capital of the company.
The company has appointed IDBI Capital Market Services Limited as a book running lead manager for the issue.
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