Globe Textiles India Limited (GTIL) (NSE: GLOBE), a Gujarat based textile firm that caters to global and domestic markets, has announced plans to explore direct listing of its equity shares on BSE Limited.
According to the recent submissions, GTIL expects a 30% uptick in revenue and a top-line of Rs 520 crores by 2027 on consolidated basis as the company has recently acquired Globe Denwash Private Limited which has an environmentally friendly facility with a Zero Liquid Discharge system and partly solar generation which minimizes energy costs while using green energy.
According to a company release, Globe Textile reported revenue of Rs 399.4 crore in Dec 2023 and has a production capacity of over 2.5 lakh sq. feet where it manufactures 36 million meters of fabric and 2.5 million bottoms per annum.
Bhavin Parikh, Chief Executive Officer at Globe Textiles (India) Limited said, “As Globe Textiles progresses with its evaluation and potential application process for a direct listing on BSE Limited, the company remains dedicated to maintaining open communication and transparency with its stakeholders, including shareholders, employees, customers, and regulatory bodies”.
A direct listing on BSE Limited would give Globe Textiles large investor access. It should also be mentioned that direct listings provide a streamlined pathway for companies to access public markets without the traditional IPO process, thereby reducing costs and administrative complexities. Furthermore, such listings promote liquidity, fostering a vibrant trading environment for listed securities.