Ahmedabad-based Mukesh Trends Lifestyle Ltd (MTLL) said on Thursday it has filed the draft red herring prospectus with the Securities and Exchange Board of India (SEBI) to file for its proposed initial public offering.
The company engaged in fabric processing is seeking an issue of up to ten crore equity shares with a face value of Rs 10 each. The book running lead manager to the issue is Pantomath Capital Advisors. The IPO issue size will be between Rs 70 crore to 90 crore.
MTLL started commercial production in 1900s and has business operations in nine states and one union territory. It has a diverse offering across cellulosic products like cotton, rayon, viscose as well as dyed and printed knitted, woven and blended fabrics which have wide-scale applications in the garment industry.
Due to rising demand from markets like China, Turkey and Brazil, the company intends to set up a new manufacturing unit to process knitted denim fabrics. MTLLs exports grew at a compound annual growth rate of 367 per cent from Rs 50 lakh in 2016-17 to Rs 11 crore in 2018-19.
India continues to be a major exporter of textiles while the United States and Europe continue to be major importers.
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