Telugu suer news,November 30, 2023: Sheetal Universal Limited, agricultural product processor and exporter, today announced that its Initial Public Offer will open on Monday, December 4, 2023 and close on Wednesday, December 6, 2023. The company plans to raise approximately Rs. 2380 Lacs from the issue and aims to be listed with NSE Emerge. The IPO will comprise a fresh issue of 34 lakh Equity Shares with a face value of Rs 10/- each at a fixed price Rs. 70 per share. Beeline Capital Advisors Private Limited is the Lead Manager to issue. Bigshare Services Private Limited is the registrar to the Issue.
Rajkot-headquartered company is engaged in sourcing, processing and supply of agricultural products such as peanuts, sesame seeds, spices and grains to cater for the manufacturers of peanut butter, biscuits, cakes, chocolate and food products. The company has two subsidiaries – Saumesvar International Private Limited and Svar Industries Private Limited, which are into processing and exporting of Agri Commodities like oil seeds, grains, etc.
The net proceeds from the issue will be used for funding capital expenditure, working capital requirement, general corporate purpose and to meet Public Issue expenses. Furthermore, it intends to venture into new products management like producing protein powder and cold press extract oil, plans to set up manufacturing facility for defatted protein powder (dry powder) powder and extract cold press oil from raw peanut, almond, cashew nut and seed considered as vegan foods for India and export market.
The company plans to spend Rs. 584 lacs towards purchasing necessary equipment. The company will spend Rs. 1200 lacs on working capital, which will be used to expand the product range, increase the number of business verticals, and explore various geographical areas.
Sheetal Universal Limited operates a manufacturing & processing facility in Jamnagar district at Haripar Khandhera, which is spread over 14,568 Sq Mts with a constructed area of 6,000 Sq Mts. The facility implements an extensive and stringent quality control mechanism at each stage of the process to ensure that its finished product meets its customers’ specifications. The company exports its products to various countries including the Russian Federation, Indonesia, Malaysia, Vietnam, UAE, Iran, Algeria, Israel, Turkey and Egypt.
Commenting on the company’s plans, Mr. Hiren Vallabhbhai Patel, Promoter and Managing Director of Sheetal Universal Limited, said, “With our proven experience in the Agro Processing Industry, we are aiming for forward integration with value addition by setting up a manufacturing facility with the adequate equipment for producing defatted protein power and extract cold press oil for the domestic and export market. We are also planning to set up a production unit for defatted protein powder (dry powder) made from raw peanuts, almonds, cashew nuts and seeds which are considered vegan foods. Therefore, we will allocate the proceeds from the IPO towards expanding our capacity and geographical reach.”
In FY2022-23, the company’s total income increased to Rs.131.65 crore, up from Rs. 39.84 crore in FY2021-22. It recorded a profit (PAT) of Rs. 1.98 crore in 2022-23, compared to Rs. 28.31 lakh in FY2021-22. Further for the first half of FY 2024, Company has achieved the total income Rs. 56.75 crores with recorded profit (PAT) Rs. 1.88 crores.
For more information, please visit: https://sheetaluniversal.com