SD International files draft IPO papers with India's SEBI
Indian food packaging manufacturer S D International has filed a draft red herring prospectus with the Securities and Exchange Board of India for an IPO comprising a fresh issue of up to 1.30 crore shares and an offer-for-sale of up to 35 lakh shares by a promoter. No price band or rupee value has been disclosed. Proceeds from the fresh issue will fund debt repayment, equipment purchases and general corporate purposes.
Why this mattersA listing would give a regional rigid food-packaging converter public-market capital to cut debt and add equipment, a route smaller Indian packagers increasingly use to fund expansion.
- Offer comprises a fresh issue of up to 1.30 crore (13 million) equity shares
- Offer-for-sale of up to 35 lakh (3.5 million) equity shares by a promoter
- Total offer size is up to 1.65 crore (16.5 million) shares
- Draft red herring prospectus filed with SEBI on Monday
- Fresh-issue proceeds earmarked for debt repayment, equipment purchases and general corporate purposes
- Company is based in Gorakhpur, Uttar Pradesh, and makes semi-rigid and rigid food packaging
Sources
moneycontrol.com