The initial public offer (IPO) of Bhilwara-based textile company Swaraj Suiting has been subscribed 12 times. The company issued the SME IPO of 1,908,000 equity shares of the face value of Rs. 10 aggregating up to Rs. 10.68 crore.
The company, incorporated by Mohammed Sabir Khan in 2003, has a weaving unit at Bhilwara (Rajasthan) and engaged in manufacturing of cotton and synthetic fabric. It has a production capacity of around 1.50 million metres of fabric per month.
The IPO is targeting to meet the working capital requirements for our new expansion of production capacity at Neemuch, Madhya Pradesh, and general corporate purposes.
Rahul Kumar Verma, Company Secretary & Compliance Officer of the company told Apparel Resources, “IPO is subscribed as per our expectation and we are happy with this.”
With an intention to expand its operations in terms of both backward and forward integration, the company is also setting up a denim fabrics processing plant at Neemuch, which is having with an annual capacity of converting approximately 21.75 million metric metres of denim fabric.
It is worth mentioning here that recently many companies of Bhilwara announced their expansion plans.
Source : https://in.apparelresources.com/