Eureka Conveyor Belting gets BSE nod for fundraiser via SME IPO | Stock Market News
Source: Live Mint
Eureka Conveyor Beltings Limited, a Rajasthan-based firm operating in the rubber-conveyor belt manufacturing segment, has received final observation from the capital markets regulator, the Securities and Exchange Board of India (SEBI), for an initial public offering (IPO) in the SME segment.
The company filed its draft red herring prospectus (DRHP) back on August 22, 2024.
The small and medium enterprise (SME) firm, via a book-built issue, offers an entirely fresh issue of up to 53,28,000 or 53.28 lakh equity shares, with a face value of ₹10 per share, in the upcoming SME IPO.
Eureka Conveyor Beltings aims to raise money to fund ₹30 crore capital expenditure needs and ₹9 crore working capital requirements. The remaining amount from the public issue proceeds will be used to cater to general corporate purposes. The company has not disclosed the total amount requirement.
Raj Kumar Khubchandani, Bharat Kumar Khubchandani, Sumit Khubchandani, Nitin Khubchandani, Bhakti Khubchandani and Puneet Khubchandani are the promoters of the rubber conveyor belt-making company.
Beeline Capital Advisors Private Limited has been appointed as the book-runner for the public issue, while Kfin Technologies Limited will serve as the registrar to the offer.
About Eureka Conveyor Beltings
Eureka Conveyor Beltings Limited is involved in manufacturing and exporting a wide range of conveyor rubber belts, industrial rubber belts, industrial conveyor beltings, and heat-resistant conveyor belts, among other things.
The company has manufacturing facilities in Kota, Rajasthan, with a production capacity of 2,000 meters per day.
In the financial year 2023-24, the company’s revenue was at ₹140.98 crore, with a net profit of ₹12.42 crore, according to company data. In the financial year 2022-23, the revenues were at ₹96.39 crore, and the net profit was at ₹8.53 crore.
The company is ISO 9001:2015 certified and uses technology and in-house expertise to manufacture conveyor belts that meet stringent industrial standards, according to the company release. \
