PNN
Mumbai (Maharashtra) [India], January 2: Davin Sons Retail Limited, specializes in garment manufacturing through job work basis and FMCG distribution, proposes to open its Initial Public Offering (IPO) on January 2, 2025, aiming to raise Rs 8.78 Crore through the fresh issue of 15,96,000 equity shares, to be listed on the BSE SME platform.
The issue size is 15,96,000 equity shares at a face value of Rs 10 each with a price of Rs 55 Per Share.
Equity Share Allocation
* Non-Institutional Investors : Not Less Than 7,58,000 Equity Shares
* Retail Individual Investors: Not Less Than 7,58,000 Equity Shares
* Market Maker : Up To 80,000 Equity Shares
The net proceeds from the IPO will be used to finance capital expenditures for the purchase of warehouse, To part finance the working capital requirements, and for general corporate purposes. The issue for public bidding will open on January 2, 2025 and will close on January 6, 2024.
The Lead Manager to the Issue is Navigant Corporate Advisors Limited, The Registrar to the Issue is KFin Technologies Limited.
Mohit Arora Promoter, Chairman & Managing Director of Davin Sons Retail Limited expressed, "The launch of our Initial Public Offering marks a significant milestone in the journey of Davin Sons Retail Limited. Over the years, we have built a resilient foundation in garment manufacturing and FMCG distribution, delivering quality products and building customer trust across diverse regions.
The funds raised through this IPO will enable us to further strengthen our operations by investing in a new warehouse, enhancing our working capital, and expanding into new geographical markets. These initiatives will not only improve our operational efficiency and delivery timelines but also position us to connect with a broader customer base. We are excited about the growth opportunities ahead."
Sarthak Vijlani, Director of Navigant Corporate Advisors Limited said, "It is pleasure to assist Davin Sons Retail Limited in their transition to a listed entity. The company's remarkable presence in both garment manufacturing and FMCG distribution, coupled with its commitment to quality and customer-centric approach, positions it uniquely in the market.
This IPO will provide the necessary capital to fuel their expansion plans, including setting up a new warehouse and entering new geographical regions. We are optimistic that this initiative will pave the way for sustainable growth and further strengthen the company's market presence."
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