Home Zone Rubber IPO: SME IPO on BSE - PTI

New Delhi, Feb 10 (PTI) Home Zone Rubber Solutions Ltd, one of the leading players in the circular economy catering to the rubber industry, has filed preliminary papers with BSE to raise funds through an Initial Public Offering (IPO).

The IPO comprises a fresh issuance of 99.03 lakh equity shares and an Offer for Sale (OFS) of 9.93 lakh shares by the promoter Jitendra Ramesh Agarwal, according to the company's statement.

Shares will be listed on the BSE SME (Small and Medium Enterprises) platform.

The company intends to utilise IPO proceeds for purchasing new plant and machinery, repayment of term loan and general corporate purposes.

The Mumbai-headquartered company focuses on saving valuable natural resources by way of recycling and helps its customers fulfil their circularity aspirations through the use of recycled rubber products.

It serves a diversified customer base ranging from tyre and tube manufacturers to automobile parts manufacturers, and conveyor belt manufacturers.

It operates a manufacturing facility at Lavachha village, near Valsad in Gujarat.

On the financial front, the company has registered Rs 45.49 crore in revenues with a profit (PAT) of Rs 4.16 crore in the first half of the current financial year ended September 2024.

Horizon Management is the sole book-running lead manager to the issue and Maashitla Securities is the registrar to the issue.