Mar 16, 2008

IPO News 16th March 2008 - Kiri Dyes & Chemicals Ltd is entering the capital market with its IPO

Kiri Dyes & Chemicals Ltd is entering the capital market with its IPO

Kiri Dyes chemicals Limited, which is one of the leading manufacturer and exporters of dyes is hitting the capital market with its initial public offering of 37.5 lakh equity shares of face value of Rs10 each through 100% book building process. The issue constitutes 25% of fully diluted post issue paid up capital. The price band for the issue has been fixed between Rs125 to Rs150 and the issue will open on March 25 and will close on April 2, 2008. The qualified institutional buyers shall be allocated 50% of the issue. From and out of the QIB portion 5% for mutual funds, 15% to non-institutional bidders and 35% to retail investors. The Book Running Lead Manager to the issue is Centrum Capital.

Kiri Dyes was incorporated on 14th May 1998 as a Kiri Dyes and Chemicals Private Limited at Ahmedabad, Gujarat. It has been promoted by Mr Praveen A. Kiri and Mr. Manish P. Kiri. KDCL is engaged in the business of manufacturing of reactive dyes, which are called, synthetic organic dyes used for cotton fabrics like garments, dress materials, bed-sheets, carpets etc. The dyes are of basically colours like black, blue, red, orange, yellow and numerous variants of these basic colours identified by color index number internationally.

The product range of the company comprises of more than 120 dyestuffs used by textiles, leather, paint and printing ink industries with total production capacity of 10800 MT per annum. KDCL supplies reactive, acid, and direct dyes as well as dye-intermediates in various forms like standardized spray dried/tray dried - powder/granular, crude and reverse osmosis. All the products manufactured by the company have found global acceptance.