First Winner to raise Rs 71.5 cr, IPO opens on June 9

Mumbai, Jun 4 (UNI) Tarapur-based textile and apparel manufacturer First Winner Industries plans to raise Rs 71.5 crore through initial public offering (IPO) opening on June 9, in a fixed price band of Rs 120 to Rs 130 per share.

The company will enter the capital market with an IPO of 55 lakh equity shares of Rs 10 each for cash at a price to be decided through 100 per cent book-building process and the issue will close on June 12.

The proceeds would be utilised to finance prepayment of term loans and the expansion plan of the company that also includes setting up a new apparel manufacturing facility with a production capacity of 5,000 pieces of men's wear shirts per day and a new weaving unit to increase its existing production capacity to 170 lakh meters per annum, Company Managing Director Rinku Patodia said.

The company is also planning to foray into apparel and garment retail business, Mr Patodia said, adding, ''Presently, we manufacture men's shirts and supply to the retailers and we are looking forward to enter into self retail business.'' However, he declined to reveal when the company itself may enter the retail business.

The equity shares are proposed to be listed on the Bombay Stock Exchange and National Stock Exchange of India. Almondz Global Securities will be the sole book running lead manager for the issue.

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