Sunlite Recycling Industries Limited IPO

NiftyTrader • August 9, 2024

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Sunlite Recycling Industries Limited IPO opens on August 12, 2024, and closes on August 14, 2024. The allotment for the Sunlite Recycling Industries Limited IPO is anticipated to be completed on Friday, August 16, 2024. The IPO will be listed on the SME and NSE, with a tentative date set for Tuesday , August 20,2024.

The Sunlite Recycling Industries Limited IPO’s price band is Rs 100 to Rs 105 per share. The IPO is a book-built issue of Rs 30.24 crores, entirely a fresh issue of 28.8 lakh shares.

Sunlite Recycling Industries IPO Details

IPO Date	August 12, 2024 to August 14, 2024
Listing Date	[.]
Face Value	₹10 per share
Price	₹100 to ₹105 per share
Lot Size	1200 Shares
Total Issue Size	2,880,000 shares (aggregating up to ₹30.24 Cr)
Fresh Issue	2,880,000 shares (aggregating up to ₹30.24 Cr)
Issue Type	Book Built Issue IPO
Listing At	NSE SME
Shareholding pre-issue	8,000,000
Shareholding post-issue	10,880,000
Market Marker portion	148,800 shares

Sunlite Recycling Industries IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	1	1200	₹126,000
Retail (Max)	1	1200	₹126,000
HNI (Min)	2	2400	₹252,000

Sunlite Recycling Industries IPO Objectives

The Company proposes to utilize the net proceeds to finance the following purposes:

Funding of capital expenditure towards the installation of new Plant & Machinery.
Repayment and/or pre-payment, in full or part, of certain borrowings availed by the company.
General Corporate Purpose.

About Sunlite Recycling Industries Limited

Established in 2012, Sunlite Recycling Industries Limited specializes in producing high-quality copper rods, wires, earthing strips, conductors, and more by recycling copper scrap. Catering to the power generation, transmission, distribution, and electronics sectors, the company offers a wide range of copper products that vary in grade, thickness, width, and standards to meet diverse customer requirements.

The company operates from its registered office and manufacturing facility in Kheda, Gujarat, spread over approximately 12,152 square meters. With a fleet of over 20 machines, Sunlite Recycling Industries is capable of manufacturing an extensive range of copper products. As of March 31, 2024, the company reported total revenue from operations of Rs. 85,168.31 lacs and employed a workforce of 38 individuals.

Sunlite Recycling Industries Limited Financial Information

Sunlite Recycling Industries Limited’s revenue increased by 1.4% and profit after tax (PAT) rose by 58.92% between the financial year ending with March 31, 2024 and March 31, 2023.

Period Ended	31 Mar 2024	31 Mar 2023	31 Mar 2022	31 Mar 2021
Assets	6,321.24	7,162.56	4,802.05	3,743.20
Revenue	116,655.09	115,039.91	93,791.80	39,400.84
Profit After Tax	890.36	560.27	426.03	252.55
Net Worth	2,003.90	362.08	1,158.58	622.18
Reserves and Surplus	1,203.90	312.08
Total Borrowing	3,491.74	4,646.82	2,532.38	1,711.39

Sunlite Recycling Industries IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not more than 50.00% of the Net offer
Retail Shares Offered	Not less than 35.00% of the Offer
NII (HNI) Shares Offered	Not less than 15.00% of the Offer

Sunlite Recycling Industries IPO Timeline

Sunlite Recycling Industries IPO opens on August 12, 2024, and closes on August 14, 2024.

IPO Open Date	Monday, August 12, 2024
IPO Close Date	Wednesday, August 14, 2024
Basis of Allotment	Friday, August 16, 2024
Initiation of Refunds	Monday, August 19, 2024
A credit of Shares to Demat	Monday, August 19, 2024
Listing Date	Tuesday, August 20, 2024
Cut-off time for UPI mandate confirmation	5 PM on August 14, 2024

Conclusion

The Sunlite Recycling Industries Limited IPO presents a compelling investment opportunity in the recycling sector, offering a price band of Rs 100 to Rs 105 per share. The IPO aims to raise Rs 30.24 crores through a fresh issue, with the proceeds earmarked for capital expenditure on new machinery, debt repayment, and general corporate purposes. With a history of steady revenue growth and significant improvement in profitability, Sunlite Recycling Industries appears well-positioned to expand its operations and capitalize on increasing demand in the power and electronics sectors. The company’s solid financial performance and strategic use of funds could make it an attractive option for investors.