Xolopak India files IPO project papers on NSE Emerge: Rediff Moneynews

Xolopak India, a sustainable packaging maker, files IPO papers on NSE Emerge, aiming to raise funds for expansion and new acquisitions. The company boasts of significant revenue growth and plans to invest in new plant and machinery.

New Delhi, Aug 19 (PTI) Pune-based sustainable disposable packaging manufacturer Xolopak India on Monday said it has filed work papers with NSE Emerge to raise funds through an initial public offering (IPO).

As per the company’s statement, the public offer comprises 52,86,000 ordinary shares of face value of Rs 10 each.

Xolopak India Ltd (XIL), a leading player in sustainable disposable packaging and India’s first manufacturer of eco-friendly disposable cutlery, ice cream sticks and spoons, has filed its Draft Red Herring Prospectus (DRHP) with NSE Emerge, the statement added.

Xolopak India reported almost a three-fold increase in revenue from operations at Rs 31.47 crore in FY2023-24, as against Rs 11.87 crore in FY2022-23, and posted a net profit of Rs 6.36 crore in FY24 as against Rs 3.48 crore in FY23.

As per the DRHP, Xolopak India intends to invest Rs 200 million of the IPO proceeds towards acquisition of equity shares in Atharva Poly-Plast Pvt Ltd, Rs 2,017 million towards purchase of new plant and installation of machinery and plans to use the remaining funds for general corporate purposes.

Following the planned acquisition, Atharva Poly-Plast will continue to expand into the production of parts for household appliances, televisions, electric scooters, electrical components and executive chairs.

The company will act as a Tier I supplier to leading brands in the home appliances and chairs industry, including Godrej, Herman Miller, Steelcase, Haworth and HNI-India.

With a production capacity of 3,000 metric tonnes per annum, Xolopak Atharva is currently utilising 70 per cent of its capacity, which offers the company prospects for further growth and increased production capacity under the new management and promoters.

The company is led by Shashank Mishra and Banani Chatterjee, who have over 17 years of experience in the sustainable disposable packaging and tableware industry.

Beeline Capital Advisors Private Ltd is the sole lead manager for the offering and Bigshare Services Private Ltd is the registrar for the offering.

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