Sheel Biotech's Rs 34-cr IPO to open on Sep 30

New Delhi, Sep 29 (PTI) Sheel Biotech, an biotechnology-driven agriculture solutions player, on Monday announced a price band of Rs 59-63 per share for the Rs 34.02 crore initial share sale.

The Initial Public Offering (IPO) will open for public subscription on September 30 and conclude on October 3, the company said in a statement.

The IPO is entirely a fresh issue of 54 lakh equity shares, aggregating to an issue size of Rs 34.02 crore. The company has fixed a price band of Rs 59-63 per equity share, it added.

Proceeds from the fresh issue to the tune of Rs 15.88 crore will be used for working capital requirement, Rs 9.11 crore will be utilised to meet out the capital expenditure requirements, and the balance for general corporate purposes.

"The proceeds from this issue will strengthen our R&D, enhance production capacity, and expand our ability to deliver advanced, eco-friendly solutions to farmers and agri-businesses across India and beyond," said Divye Chandak, Promoter & Managing Director of Sheel Biotech Ltd.

Incorporated in 1991, Sheel Biotech is engaged in tissue culture, organic farming, greenhouse manufacturing, and landscaping services.

On the financial front, Sheel Biotech reported a revenue of Rs 101.75 crore, and profit after tax of Rs 10.63 crore in FY 25.

The company's shares will be listed on the NSE's SME platform.

Narnolia Financial Services is the sole book running lead manager while Skyline Financial Services is the registrar for the IPO. PTI HG DR DR