Mukesh Trends Life Style Limited (MTLL), an Ahmedabad-based company primarily active and specializing in tissue processing, has filed its draft red herring prospectus with SEBI to file its proposed IPO.
The company seeks to issue up to 1cr of shares with a nominal value of Rs10 each according to the DRHP filed with SEBI.
The BRLM concerned by this issue is Pantomath Capital Advisors Private Limited.
MTLL, an integrated manufacturer, which started commercial production in the 1900s and is currently doing business in 9 states and 1 Union territory. It offers a diverse range of cellulosic products such as cotton, rayon, viscose as well as dyed and printed knitted and woven fabrics, blended fabrics that have large-scale applications in the garment industry.
According to market sources, the size of the IPO issue will be around Rs70 to 90cr.
In view of the increased demand from markets such as China, Turkey and Brazil, the company intends to set up a new manufacturing unit to process knitted denim fabrics. MTLL’s exports increased at a CAGR of 366.80% from 5.01 million rupees in fiscal year 17 to 109.17 million rupees in fiscal year 2019.
India continues to be a major exporter of textiles while the United States and Europe continue to be major importers.