Updated March 13th, 2024 at 17:52 IST

Rungta Greentech files IPO papers with NSE emerge, eyes expansion

The NSE Emerge platform, dedicated to small and medium enterprises seeking to raise capital, will serve as the venue for RGL's IPO launch.

Reported by: Business Desk
IPOs this week | Image:Freepik
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Rungta Greentech Limited (RGL), a Kolkata-based manufacturer specializing in recycled and virgin plastic products, has submitted its Draft Red Herring Prospectus (DRHP) to the NSE Emerge for its upcoming initial public offering (IPO).

The NSE Emerge platform, dedicated to small and medium enterprises seeking to raise capital, will serve as the venue for RGL's IPO launch, reflecting the company's strategic approach to tapping into the investment landscape.

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RGL's IPO comprises a fresh issue of 38 lakh equity shares, each with a face value of Rs 10, underlining the company's commitment to expanding its operations and leveraging market opportunities.

With two manufacturing facilities located in Howrah, West Bengal, RGL is poised to enhance its production capacity and product portfolio through strategic investments. A significant portion of the IPO proceeds is earmarked for RGL's wholly-owned subsidiary, Rungta Eco Extrusions, aimed at establishing a new manufacturing facility to drive growth.

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The company's diverse range of plastic products, including recycled PET, flakes, polyester dope-dyed monofilament yarn (PMY), nylon monofilament yarn, and blow- and injection-moulded jars and caps (BM & IM), caters to various sectors such as packaging, textiles, aquaculture, agriculture, and the edible oil industry.

(With PTI inputs)

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Published March 13th, 2024 at 17:52 IST