Snehaa Organics issue to open on Aug 29; price band set at Rs 115-122/share

New Delhi: Green and sustainable solutions provider Snehaa Organics on Friday fixed a price band of Rs 115 to Rs 122 per share for its upcoming initial public offering (IPO), which will open for subscription on August 29.

The Rs 32.68-crore IPO -- comprising entirely a fresh issue of 27 lakh equity shares -- will conclude on September 2, the company said in a statement.

The company intends to utilise the proceeds from the issue for meeting its working capital requirements, funding general corporate purposes, among others.

The basis of allotment is expected to be finalised on September 3 and the company's shares are expected to be listed on the NSE SME on September 5.

Incorporated in October 2017, Snehaa Organics is engaged in solvent recovery, offering sustainable and cost-efficient solutions for industries that utilize solvents. The company collects spent solvents and processes them using distillation and purification technologies, enabling reuse.

It also trades solvents directly, sourcing raw materials, ensuring quality, and catering to open market demand.

For the financial period ended December 31, 2024, Snehaa Organics reported a total income of Rs 20.58 crore, profit after tax of Rs 6.37 crore, and net worth of nearly Rs 14 crore.

Fast Track Finsec is the book running lead manager to the issue, while Skyline Financial Services is acting as the registrar.