Sunlite Recycling Industries Limited IPO

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

Sunlite Recycling Industries IPO Lot Size

Sunlite Recycling Industries IPO Objectives

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

1. Funding of capital expenditure towards the installation of new Plant & Machinery.
2. Repayment and/or pre-payment, in full or part, of certain borrowings availed by the company.
3. 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.

Sunlite Recycling Industries IPO Reservation

Sunlite Recycling Industries IPO Timeline

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