Astron Paper & Board Mill has filed draft papers with capital market regulator Sebi to float an initial public offering. The public issue comprises 1.4 crore equity shares of face value of Rs 10 each of the company, according to the draft red herring prospectus (DRHP). Proceeds of the initial public offer (IPO) will be used for setting up of an additional manufacturing facility, repayment of loans, working capital requirements and for other general corporate purposes.
“Also, we believe that listing of equity shares will enhance our company’s corporate image, brand name, and create a public market for our equity shares in India,” Astron Paper said. Pantomath Capital Advisors is the sole book running lead manager to the issue. The equity shares are proposed to be listed on both BSE and NSE.
Established in 2010, Gujarat-based Astron Paper is engaged in the manufacturing of kraft paper (paperboard or cardboard).
So far this year, as many as 12 companies including BSE, Housing and Urban Development Corporation Ltd (HUDCO), CL Educate and Avenue Supermarts have tapped the IPO route.