Sonaselection India files papers with Sebi to mobilise funds via IPO

New Delhi, Dec 18 (PTI) Textile company Sonaselection India Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).

Bhilwara-headquartered company's IPO will comprise a fresh issue of 1.43 crore equity shares with no offer for sale (OFS) component, according to the draft red herring prospectus (DRHP).

Proceeds of the IPO to the tune of Rs 80 crore will be used for debt payment, Rs 47.55 crore for purchase of plant and machinery at the company's manufacturing facility and a portion will be used for general corporate purposes.

Founded in 2022, Sonaselection India is an integrated fabric manufacturing and processing company, with its core operations housed at its manufacturing facility at Bhilwara, Rajasthan.

Bhilwara is widely recognised as a major hub for textile processing and manufacturing, providing the company access to skilled labour, established supply chains and textile ecosystem advantages.

Financially, Sonaselection India's net profit stood at Rs 18.56 crore in FY25, and revenue from operations at Rs 316 crore during the period.

The textile firm has roped in Choice Capital Advisors to manage its maiden public offering. PTI SP TRB