Lohia Corp, manufacturer of machinery used in the production of technical textiles, has filed draft papers with capital markets regulator Sebi to garner funds through an Initial Public Offering (IPO).
The IPO is entirely an Offer-For-Sale (OFS) of 31,695,000 equity shares by promoters and other shareholders, according to the Draft Red Herring Prospectus (DRHP) filed on Thursday.
The company expects that the proposed listing of its equity shares will enhance its visibility and brand image, provide liquidity to shareholders as well as provide a public market for the equity shares in the country. Kanpur-based Lohia Corp is the manufacturer of machinery and equipment used in the production of technical textiles, in particular for manufacturing polypropylene and high-density polyethylene woven fabric and sacks.
As of March 31, 2022, the company had a customer base comprising over 2,000 customers in over 90 countries globally.
The company’s revenue from operations increased to Rs 2,237.48 crore for the financial year 2022 from Rs 1,333.79 crore for the financial year 2021, while profit after tax rose to Rs 160.85 crore from Rs 119.30 crore during the same period. ICICI Securities, IIFL Securities, HSBC Securities and Capital Markets (India) Private Limited, and Motilal Oswal Investment Advisory are the book-running lead managers to the issue. The equity shares of the company will be listed on the BSE and NSE.