Divyadhan Recycling Industries IPO

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26th – 30th Sep 2024
04 Oct 2024
₹60 – ₹64
Lot size 2000 — ₹128000
24cr

Schedule of Divyadhan Recycling Industries

Issue open date 26 Sep 2024
Issue close date 30 Sep 2024
UPI mandate deadline 30 Sep 2024 (5 PM)
Allotment finalization 01 Oct 2024
Refund initiation 03 Oct 2024
Share credit 03 Oct 2024
Listing date 04 Oct 2024
Mandate end date 15 Oct 2024
Lock-in end date for anchor investors (50%) 30 Oct 2024
Lock-in end date for anchor investors (remaining) 29 Dec 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 Divyadhan Recycling Industries

Divyadhan Recycling Industries Limited (DRIL) was established in 2010. It manufactures Recycled Polyester Staple Fibre (R-PSF) and recycled pellets. The company’s primary raw material is recycled post-consumer PET bottles. DRIL began operations in the financial year 2018-19. The company aims to contribute to environmental sustainability by reducing plastic waste through recycling​.


Financials of Divyadhan Recycling Industries


Issue size

Funds Raised in the IPO Amount
Overall ₹24.17 crores
Fresh Issue ₹24.17 crores
Offer for sale

Utilisation of proceeds

Purpose INR crores (%)
Purchase of Plant and Machinery 17.04 (70.50%)
General corporate purposes 6.04 (25%)
Issue expenses and others 1.09 (4.5%)

Strengths

  • Focus on recycling PET bottles and contributing to environmental conservation.
  • It operates in the expanding recycled polyester market, which has demand globally.
  • It Offers both recycled polyester staple fibre and pellets, catering to diverse industries.
  • The company is led by experienced promoters and management, ensuring sound business strategies.

Risks

  • Relies heavily on the availability of post-consumer PET bottles as raw material.
  • The majority of the state-wise revenues from operations come only from Himachal Pradesh.
  • Approximately 80% of revenue from operations comes from one customer.
  • Certain corporate regulatory filings and records are not traceable as the relevant information is unavailable in the company’s records or on the Ministry of Corporate Affairs’ online portal.