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.