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Engineered fabric manufacturer Kusumgar Ltd has filed draft papers with capital markets regulator Sebi to raise Rs 650 crore through an initial public offering (IPO).
The IPO is entirely an offer-for-sale (OFS) by promoters, according to the draft red herring prospectus (DRHP) filed on Saturday.
Since the issue is an OFS, Mumbai-based Kusumgar will not receive any proceeds from it, and the funds will go entirely to the selling shareholders.
Founded in 1990, the company is a manufacturer of woven, coated and laminated synthetic fabrics, referred to as engineered fabrics. It manufactures products primarily for aerospace and defence fabrics, industrial and automotive fabrics, and outdoor and lifestyle fabrics.
The company, which has six manufacturing facilities in Gujarat and one fabrication unit in Uttar Pradesh, has posted revenue from operations of Rs 779 crore and net profit of Rs 112 crore for FY25.
Axis Capital, IIFL Capital Services and Motilal Oswal Investment Advisors are the book-running lead managers.
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