Gokul Refoils and Solvent plans to enter the capital market on May 8 with its initial public offering of 71,58,392 equity shares of Rs 10 each for cash, at a price to be decided through 100 per cent book building process.
The company has fixed a price band of Rs 175-Rs 195 per share. The issue will close on May 13.
The issue comprises a reservation of upto 75,000 equity shares for employees and a net issue to the public of 70,83,392 equity shares. The issue will constitute 27.14 per cent of the fully diluted post issue paid-up capital of the company.
Qualified institutional buyers shall be allocated 50 per cent of the issue. From and out of the QIB portion 5 per cent for mutual funds, 15 per cent to non-institutional bidders and 35 per cent to retail investors.
The company is primarily engaged in the business of solvent extraction, refining of edible oils and vanaspati manufacturing. At present the company has 680 TPD of seed processing, 600 TPD of solvent extraction, 1200 TPD of refining and 200 TPD of vanaspati manufacturing capacities.
The company plans to utilize the proceeds for - setting up a new 1500 TPD Soyabean processing plant near Gandhidham, Gujarat; expansion of the existing edible oil refinery at Surat; investment in Singapore subsidiary; funding part of the long term working capital; brand building activities; investment in increasing warehousing capacities and continuous capex for existing units; general corporate purposes and for public issue expenses.
ICRA has assigned Grade "3/5" to the IPO. The shares will be listed on Bombay Stock Exchange and National Stock Exchange of India. The book running lead managers to the issue are Anand Rathi and Intensive Financial Services.
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