Business
Goyal Salts’ IPO Opens on 26th September, 2023
Goyal Salts’ IPO Opens on 26th September, 2023
- Issue Size – 49,02,000 equity shares of ₹ 10 each
- Issue Size – ₹ 18.63 Crore at Upper Price Band
- Price Band – ₹ 36 To ₹ 38
- Market Lot Size – 3,000 Equity Shares
Mumbai, September 18th, 2023 – Goyal Salts Limited (GSL), a Rajasthan based salt producing and refining company, has announced its plans to go public with an Initial Public Offering (IPO) on September 26th, 2023. The company is aiming to raise ₹ 18.63 crore through this IPO, with shares set to be listed on the NSE EMERGE platform.
The fresh issue size is 49,02,000 equity shares of Face Value ₹ 10 each, The Bid opens for Anchor Investors on September 25th, 2023.
Equity Share Allocation
- Qualified Institutional Investors (QIB) – Not More Than 48.16% of the Net Issue
- Non-Institutional Investor (NII) – Not less than 15.97% of the Net Issue
- Retail Individual Investors (RII) – Not Less Than 35.87% of the Net Issue
- Employees – Up To 90,000 Equity Shares
- Market Maker – Up To 2,46,000 equity Shares
The net proceeds from the IPO will be utilized to fund Capital Expenditure for quality enhancement, Brand creation and marketing expenses, Gunding working capital requirement and general corporate purpose. The issue closes on September 29th, 2023.
The Lead Manager to the Issue is Holani Consultants Private Limited and The Registrar to the Issue is Bigshare Services Private Limited.
Mr. Rakesh Goyal, Chairman, Goyal Salts Limited said,” We are in the business of salt which is a basic requirement of every individual as well as industries and the demand for it will be increasing day by day with the rising population, growing industries and rising usage of salt for various treatments.
Anticipating huge demand and to strengthen our presence in export market as well as premium segment we want to leverage these opportunities.
IPO funding will provide us with necessary resources to meet our growth capital and achieve our long-term vision. Additionally, the IPO will also enhance our brand and enable us to reach out to various investors.”
Ashok Holani, Director, Holani Consultants Private Limited, Book Running Lead Manager to the issue, said, “We believe that this offering will provide the company with the necessary resources to meet growth capital and enhance its market share.
We have been bringing high growth potential companies to the market and strongly believe that Goyal Salts Limited has a well-defined strategy and a strong business model that is likely to yield positive results in the future.”
About Goyal Salts Limited:
Incorporated in 2010 as Goyal Salt Limited specializes in processing salt extracted from the sub-soil brine of Rajasthan using an integrated method. The Company’s refinery is strategically located in Nawa City, close to the famous Sambhar Lake. GSL also possess government-approved lease rights for raw salt extraction in Rajasthan and have a dedicated complex for refining, storing, and packaging their products.
GSL produces premium industrial and edible salts which Includes Triple Refined Free Flow Iodized Salt, Industrial Salt, Double Fortified Salt, And Triple Refined Half Dry Salt. The current capacity is 700 tonnes per day.
For FY23, the Company reported net sales of ₹117.64 crore and net profit of ₹3.54 crore.
Disclaimer:
Certain statements in this document that are not historical facts are forward looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The Company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.