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DollexAgrotech brings its IPO of Rs 2438.80 lakhs on the 15th of December to be listed on NSE EMERGE PLATFORM

December 16, 2022 23:45 IST | ANI Press Release
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DollexAgrotech brings its IPO of Rs 2438.80 lakhs on the 15th of December to be listed on NSE EMERGE PLATFORM

Ahmedabad (Gujarat) [India], December 16 (ANI/PNN): DollexAgrotech Limited, engaged in the business of manufacturing & trading sugar with captive power cogeneration capabilities, brings its IPO for Rs 2,438.80 Lakhs.

The issue is of 6,968,000 shares with face value of Rs 10 and price of Rs 35 per share, the lot size being 4000 shares.

It is divided into fresh issue for 4,968,000 shares of Rs 10 (aggregating up to Rs 17.39 Cr) and Offer on Sale for 2,000,000 shares of Rs 10 (aggregating up to Rs 7.00 Cr).

The issue opens on the 15th of December and closes on the 20th of December. It will subsequently be listed on the NSE EMERGE platform. Expert Global Consultants Private Limited is the Lead Manager to the issue and Skyline Financial Services Private Ltd. is the registrar to the issue.

The objects of the issue are:

1. To meet the working capital requirements of the company

2. To meet the general corporate purposes

3. To meet the issue expenses

Incorporated in 2013, DollexAgrotech Limited is engaged in the business of manufacturing & trading sugar with captive power cogeneration capabilities. The company also produces and sells its by-products such as molasses, pressed and bagasse.

The bagasse is used to generate power. Further, the company is engaged in power generation up to the captive power of 3 MW. The company's product portfolio includes jaggery powder, sugar, molasses, bagasse, press mud and pharma-grade sugar.

The company has been allotted an area of 7600 hectares by the government to take the sugarcane produce from the farmers. It offers sufficient incentives and assistance in various stages of cultivation, thus ensuring loyalty from these farmers. In the year 2018, the Company started its operations of sugar manufacturing, from sugarcane along with co-generation capabilities in Madhya Pradesh.

The Company plant is situated at Village Erai, Madhya Pradesh, with a crushing capacity of 2500 TCD. It has won an approval for a distillery plant of 200 kilo litre per day capacity which it intends to set up by FY2024. The company is set for bright prospects with supportive government policies on sugar and ethanol.

The company has registered impressive financial growth on a yearly basis. Its revenue stood at Rs 7,962.58 lakhs in FY2022, which was Rs 7748.42 lakhs in FY2021 and Rs 2590.08 lakhs in FY2020. Its revenue for Q1 FY2023 was Rs 840.81 lakhs.

Its EBITDA was Rs 898.79 lakhs in FY2022, which was Rs 847.09 lakhs in FY2021 and Rs 502.24 lakhs in FY2020; the EBITDA was Rs 331.11 lakhs in Q1 FY2023. The company registered a PAT of Rs 326.90 lakhs in FY2022, which was Rs 167.43 lakhs in FY2021 and Rs 57.79 lakhs in FY2020; the PAT for Q1 FY2023 was Rs 151.26 lakhs.

DollexAgrotech Limited was founded by Mehmood Khan & Munni Bee Khan in 2013 and they are the promoters of the issue.

This story is provided by PNN. ANI will not be responsible in any way for the content of this article. (ANI/PNN)

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