Siddhi Cotpsin launches IPO worth Rs 69.85 crore

Siddhi Cotspin has launched an IPO worth Rs 69.85 crore (approximately $8.45 million ). The offering consists of a fresh issuance of 4.9 million shares to raise Rs 53.40 crore, and an offer for sale of 1.5 million shares totaling Rs 16.46 crore.

The company plans to use Rs 25.10 crore to fund its working capital needs. It will utilize Rs 8.965 crore to repay or prepay certain outstanding loans. The remaining amount will be allocated for general corporate purposes.

A manufacturer and seller of cotton yarns, Siddhi Cotspin emphasizes stringent quality standards and uses advanced technology and modern machinery in its production process. The company has established a new Greenfield project in Ahmedabad to produce value-added and specialty cotton yarn. This facility has a spinning capacity of 29,376 spindles and can produce both regular and value-added cotton yarns, with a current production capacity of 9,011.85 metric tons.