SME IPO Coming Up: Piotex Industries To Open Public Offer On May 10, Price Band At Rs 94

Piotex Industries, headquartered in Pune, is set to launch its initial public offering (IPO) on May 10, 2024, and will be available for subscription till May 14, 2024. The price band for the IPO is fixed at RS. 94 per share with a lot of size of 1,200 equity shares. The IPO is a fresh issue comprising of 15,39,600 equity shares, holding a face value of Rs.10 each. 78,000 equity shares have been reserved for the market maker whereas 7,30,800 for NIIS and finally, 7,30,800 equity shares for the retail.

The textile company seeks to generate Rs.14.47 crores approximately and looks forward to getting listed at BSE and SME platform. Piotex Industries limited IPO wishes to fund its working capital, meet issue expenses and general corporate purposes through the net proceeds of issued IPO.

Piotex industries established in 2019 is a prominent player in textile sector. The company is a major supplier of cotton bales, fabrics and yarns which are usually in heavy demand from the weaving industry. Beeline Capital Advisors Private Limited acts as the only Book Running Lead Manager, while Cameo Corporate Services Limited serves as the Registrar for the offering.

The company successfully runs on asset-lite model. Piotex Industries uses sole selling agreement for selling cotton bales and cotton yarns and enjoys heavy demand from weaving and spinning industries. Its product distribution network extends to Maharashtra, Madhya Pradesh, Gujrat.

Abhay Shriram, Asalkar and Yogesh Omprakash Nimodiya are the first-generation entrepreneurs who founded Piotex Industries located in Pune. The industry is equipped with cutting-edge technology and processing techniques to ensure quality output for its clients. Piotex Industries Limited recorded a revenue of Rs. 118.45 crore with a profit (PAT) of Rs. 3 crores in the financial year 2023-24, compared to a revenue of Rs. 86 crore and a profit (PAT) of Rs. 2.88 crore in FY 2022-23.

Piotex Industries Limited is a professional textile industry having its headquarter in Pune(MS), India and manufacturing & exclusive selling tie up with Spinning & Weaving industries situated in Maharashtra . Piotex Industries Limited incorporated in 2019, is the fastest-growing company in the field of manufacturing and trading cotton bales, yarn, and fabrics. The philosophy of the company is a light asset model.