Rungta Greentech Ltd files DRHP for its upcoming IPO. The company is looking for some quality investment and further expansion. Rungta Greentech Ltd is known for providing recycled and virgin plastic products at their best quality. The IPO will be a great opportunity for all the investors seeking details about it. The company started in 2005 and running successfully over the years. Let us explore more about Rungta Greentech Ltd’s upcoming IPO details below.
Rungta Greentech IPO Details, Shares, Face Value, DRHP Filing
Rungta Greentech successfully files DRHP (Draft Red Herring Prospectus). It will help the company to expand further in the country. The company is located in Kolkata, West Bengal, and 20 other states dealing with virgin and recycled plastic products. If we talk about the shares, the company will provide its 38 Lakhs equity shares for the face value of ₹10.
All the shares will be fresh equity shares. No share will be an offer for sales. Link Intime India will provide you with the allotment date and IPO status for this IPO. Apart from that, the company is looking for fewer things from this investment. They are merely going to utilize their funds for building a new manufacturing unit and other miscellaneous activities.
RGL will be utilizing that new manufacturing unit for the launching of its new product ranges. Thus, the company will set up that new unit in Howrah, West Bengal. They are available in different states. It has its presence in around 20 states where the company grows well. There are no details about the opening date and closing date of the RGL IPO yet. The company can get approval from SEBI within a few weeks. They will get some time to launch their IPO on any date they prefer. Thus, speculators expect the IPO release by April or May 2024.
RGL is growing at a good pace in terms of its revenue and profits. The company is profitable for the current year and the previous year as well. In the previous year, RGL made a revenue of ₹49.38 crores, with a PAT of ₹1.82 Crores. The total revenue for the current year is ₹23.76 Crore as of September, with an increase in PAT to ₹2.45 Crores. The company already crossed its PAT by half of the current financial year. Thus, it expects to go further in its profits this year. They are yet to reveal their projected earnings for the current year.