KOLKATA: ICL Multitrading India Limited, a diversified business group has received SEBI nod for an initial public offering (IPO) in November and is getting ready to open the issue on November 19.
The company through a press conference in Kolkata announced the launch of IPO on Thursday.
According to the prospectus filed with NSE, ICL Multitrading India Limited will sell 21,00,800 shares through the initial stake sale with each lot having 1600 shares. The company plans to raise Rs 17,85,68,000 through the IPO.
Proceeds of the IPO will be used in scaling up operations in both Herbal and Food categories. It is introducing new and innovative products particularly in herbal segments.
ICL Multitrading has even established a cost effective and efficient distribution network over the years and current business volume can be multiplied only through new products launch.
ICL Multitrading India Limited is the largest group entity under ICL Group with a standalone turnover of Rs. 28 Crore and a consolidated revenue of Rs. 52 Crore.
The company sells products like spices, tea, herbal products and fabric to its customers. Owning 35 acres of residential land in prime location in Rampur, UP that values for Rs 34 Crore, the entity is on expansion mode and scaling up operations in both Herbal and Food categories.
It has even launched online portal for selling herbal products and additionally has Telesales Centre at Noida for selling herbal products across the country using it's ecommerce portal www.adiherbal.com.
Mr. Sudipta Kumar Biswas, CEO, ICL Multitrading India Limited and alumnus of IIM-A, said, "ICL Multitrading is zero-debt company and we have grown organically so far. The listing of equity shares will enhance our brand name and visibility and provide liquidity to the existing shareholders.
" The listing will also provide a public market for equity shares in India. The company has reported profits for last many years and the profitability has improved continuously.
The net worth of the company is increasing every year. With maximum of our investors from Kolkata, we aspire to get a good response with the launch.
Last but not the least, we shall continue to adopt financially prudent approach which will help us grow our revenue as well as profit," he said.
Adding to it, "Currently, company is on expansion mode and scaling up operations in both Herbal and Food categories. It has also initiated process to establish Agri-business operations including producing and distributing vermicompost."