Uttar Pradesh based cement manufacturing company, Kanodia Cement, filed DRHP with SEBI to launch an IPO. The proposed issue is entirely an Offer For Sale (OFS) component of 1.49 crore equity shares. The proposed IPO comprises an Offer For Sale (OFS) of 1.49 crore equity shares with a face value of Rs10 for each share.
The utilisation of net proceeds from the issue is as follows -
Not more than 50% of the net offer
Not less than 15% of the net offer
Not less than 35% of the net offer
Anand Rathi Advisors Limited, IIFL Capital Services Limited, and Oneview Corporate Advisors Private Limited are the Book Running Lead Managers, while MUFG Intime India Private Limited is the registrar for the issue.
The company will not receive any proceeds from the Offer (“Offer Proceeds”). All Offer Proceeds will be received by the respective Selling Shareholders in proportion to the Equity Shares offered.
Kanodia Cement reported a restated profit of Rs1,138.38 million for Fiscal 2024, representing an increase of approximately 105.2% compared to Rs554.74 million in Fiscal 2023. From fiscal 2022 to Fiscal 2024, the company’s revenue from operations grew at a CAGR of 34.83%.
Founded in 2009, Kanodia Cement is a cement manufacturing company specializing in blended cement production. The company operates through satellite grinding units (“SGUs”) in the states of Uttar Pradesh and Bihar.
From Fiscal 2014 to Fiscal 2024, the company ranked among the fastest-growing manufacturers in India (in terms of increase in installed grinding capacity).
