Market Updates: Nandan Terry, a member of the Chiripal group, has filed preliminary filings with the Securities and Exchange Board of India (Sebi) to raise Rs 255 crore through an Initial Public Offer (IPO).

According to the draught red herring prospectus(DRHP), the proceeds of the public offering will be used to settle debt, meet working capital requirements, and fund general company purposes.. The company may pursue a pre-IPO placement to raise Rs 40 crore. The offering size will be lowered if a pre-IPO round is conducted.

Nandan Terry, situated in Ahmedabad, was founded in 2015 and is a completely vertically integrated firm that manufactures terry towels and towelling goods. Apart from producing terry towels and towelling products, the company also sells the cotton yarn produced at its facilities in order to increase sales.

The company's operating revenues for fiscal year 2021 were Rs 538.52 crore, up 25.42 percent from Rs 429.39 crore in fiscal 2020, owing to a rise in sales of cotton yarn, towels, and towelling goods. Its profit for the fiscal year 2021 was Rs 23.38 crore, up from Rs 1.22 crore the previous year, it  said.

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