Ahmedabad (Gujarat) [India], August 9: Sunlite Recycling Industries is engaged in the business of manufacturing of copper rods & wires, copper earthing wires, copper earthing strips, copper conductors, copper wire bars etc. through recycling of copper scrap, which has electrical and mechanical properties suitable for applications in power generation, transmission, distribution and electronic industries. Products are sold in 10+ States & Union territories. The company is poised for its initial public offering (IPO), with plans to raise INR 30.24 crores through the issuance of 28.8 lakh new shares.
Copper is one of the most recycled metals, possessing qualities such as high tensile strength, high ductility, excellent creep and corrosion resistance, and high thermal conductivity. These properties enable the conservation of natural resources and mitigate associated pollution.
For its SME Initial Public Offering (IPO), Sunlite Recycling Industries has established a price band of Rs 100 to Rs 105 per share. The company’s shares will open for subscription on August 12, 2024 and closes on August 14, 2024. These will be listed on the NSE SME, with a projected listing date of Tuesday, August 20, 2024.
Hem Securities Limited is the book-running lead manager of the Sunlite Recycling Industries IPO, while Cameo Corporate Services Limited is the registrar. Hem Finlease is the market maker for the Sunlite Recycling Industries IPO.
The issue proceeds will be utilized to fund capital expenditures towards the installation of new Plant and machinery, repayment of certain borrowings availed by the company and general corporate purposes.
On Friday, August 16, 2024, the shares for the Sunlite Recycling Industries IPO are anticipated to be allotted, and on Monday, August 19, 2024, the shares will be credited to the demat account of the allottees. The IPO comprises 50% of the net issue for QIB, 35% for retail investors and 15% of the net issue for the NII segment.
Retail investors need to contribute a minimum of Rs 1.26 lakh considering the minimum lot size for an application is 1200 shares. For HNIs, the minimum bidding size is two lots, or 2400 shares, for a total investment of Rs 2.52 lakh at the upper price band.
Sunlite Recycling Industries Limited’s Revenue stood at Rs. 1,166.27 Crores and EBITDA at Rs. 18.36 Crores for the FY-24.
Sunlite Recycling Industries product portfolio offers a diversified product range that includes a variety of grades, thicknesses, widths and standards in all types of copper products according to customer specifications. The company currently has a registered office and manufacturing facility in Kheda, Gujarat, with a total area of approximately 12,152 square metres and over 20 machines for manufacturing a wide range of copper products.
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