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Advance Syntex to raise Rs 2.52 crore from IPO

28 Jun 2016 Evaluate

Advance Syntex is coming out with an initial public offering (IPO) of 21,00,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 12 per equity share. The issue will open on June 30, 2016 and will close on July 04, 2016. The shares will be listed on SME platform of BSE.

The company will use the issue proceeds for meeting working capital requirement and meeting the issue expenses. The book running lead manager to the issue is HEM Securities, while the compliance officer for the issue is Lakshita Sabnani.

The company is mainly engaged in manufacturing of Metalized Films (MF), Lacquered (Coated) Metalized Polyester Films (LMPF), glitter powder (Zari Powder) and Metallic Yarn (Polyester Badla). Glitter Powder and Metallic Yarn are manufactured through Job Work of LMPF produced by the company. It also produces modified resins, which is used as raw material in manufacturing of LMPF.

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