Schedule of Sunlite Recycling Industries
| Issue open date | 12 Aug 2024 |
| Issue close date | 14 Aug 2024 |
| UPI mandate deadline | 14 Aug 2024 (5 PM) |
| Allotment finalization | 16 Aug 2024 |
| Refund initiation | 19 Aug 2024 |
| Share credit | 19 Aug 2024 |
| Listing date | 20 Aug 2024 |
| Mandate end date | 29 Aug 2024 |
| Lock-in end date for anchor investors (50%) | 15 Sep 2024 |
| Lock-in end date for anchor investors (remaining) | 15 Nov 2024 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Sunlite Recycling Industries
Founded in 2012, Sunlite Recycling Industries is engaged in manufacturing copper rods & wires, copper earthing wires, copper earthing strips, copper conductors, copper wire bars, etc. through recycling of copper scrap, which has electrical and mechanical properties suitable for applications in power generation, transmission, distribution, and electronic industries. The company also provides job work services for the processing of various copper products as per customers’ requirements. The company’s manufacturing unit is situated in Kheda, Gujarat, India, and has 20 machines to manufacture a wide range of copper products.
Financials of Sunlite Recycling Industries
Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹30.24 crores |
| Fresh Issue | ₹30.24 crores |
| Offer for sale | – |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Capital expenditure | 4.05 (13.4%) |
| Debt reduction | 15.80 (52.25%) |
| General corporate purposes | 7.56 (25%) |
| Others | 2.83 (9.35%) |
Strengths
- Revenue from multiple geographies in India: The company has diversified revenue from more than 10 states and union territories in India and has generated around 92.80 % and 93.27% of the total revenue from the top 5 geographical regions in FY2024 and 2023.
- Stringent quality control mechanism ensuring standardized product quality: The Company adheres to quality standards as prescribed by the customers and employs an extensive and stringent quality control mechanism at each stage of the manufacturing process. As a certification of quality assurance, the Company has received ISO 9001:2015 for quality management systems.
Risks
- Lack of long-term supply agreements: The company’s production costs are vulnerable to fluctuations in raw material prices, especially Copper scrap. Currently, it has yet to secure any long-term supply agreements for its raw materials.
- Aluminium wires as an alternative: Copper wires can be substituted by aluminium wires due to the lower cost and weight of metal which may pose a threat to the core business of the Company impacting the overall profitability.
- High volume-low margin business: The company deals in a high volume-low margin business. Any disruption in turnover or failure to grow regularly may have a material adverse effect on the business, the results of operations, and the financial condition.