Published on Saturday, July 28, 2018 by Chittorgarh.com Team | Modified on Thursday, May 2, 2019
Incorporated in 2010, Lagnam Spintex is Bhilwara, Rajasthan based manufacturer of cotton yarn for the domestic & international market.
Lagnam Spintex is coming up with an IPO of Rs 24.60 Cr to raise funds for its upcoming manufacturing facility at Bhilwara, Rajasthan. The Issue price of the public offer is set at Rs 41 (FV Rs 10). The company is proposed to list at NSE Emerge platform. The promoters are selling 34.02% of the company shares through this IPO.
The dates of the IPO are yet to be announced.
Lagnam Spintex is founded by Mr. D P Mangal who is the chairman and whole-time director of the company. Mr. Mangal is a retired executive director of RSWM Limited (NSE: RSWM), the largest manufacturer and exporter of synthetic and blended spun yarns from India with over 60 years in business and export to 76 countries. Mr. Mangal has over 38 years of experience in the textile industry.
Mr. Anand Mangal, son of Mr. D P Mangal is the Managing Director of the company. Mr. Anand has over 7 years of experience. He manages the company on the day-to-day basis along with Mr. D P Mangal.
Lagnam Spintex has the most advanced and automated manufacturing facility to manufacture cotton yarn. The facility is located at Bhilwara, Rajasthan. The manufacturing facility uses machines made in Germany and Switzerland.
Lagnam Spintex is a USTER Certified cotton yarn manufacturer which represents the high quality of yarn produced. The company uses advanced machines like AFIS Pro 2, UT5, UTR 4 and Classimat 5 for quality teasing.
Lagnam Spintex is raising funds for a new manufacturing facility. This additional plant will increase the capacity from 16.5 MT to 35.1 MT. The project cost is Rs 125.40 Cr out of which Rs 94.0 Cr is approved by the banks as a loan. The company is adding Rs 9.40 Cr from its internal funds and raising remaining funds from the public.
The development of the new project is in progress and expected to be commissioned by Sept 2019.
The snapshot of company's financial performance:
FY 2018 (Rs Cr)
Note that the company commissioned its 2nd expansion (increased capacity by double) in late 2015 which resulted in faster growth in the last 2 years.
Holani Consultants Private Limited is the lead manager of this IPO.
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