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Ahmedabad-based Mukesh Trends Lifestyle plans IPO

Mukesh Trends Lifestyle is planning an initial public offering. Approval has been received from the capital market regulator SEBI. The IPO size could be approximately between Rs 75 to Rs 90 crores. The company plans to utilise the issue proceeds for setting up a manufacturing unit for knitted denim fabrics and working capital requirements.

The textile manufacturer based in Ahmedabad is engaged in the business of fabric processing, including bleaching, dyeing, printing and finishing of grey fabric to produce finished knitted and woven fabrics. The company commenced its commercial production in 1990 with an installed capacity of five million meters per annum for the production of woven fabrics. In April 2016, the company diversified its facilities to manufacture knitted fabrics by starting a separate commercial division for processing and printing knitted fabrics with an installed capacity of 3,600 MT per annum. The objective is to strategically improve and consolidate its position as a major textile manufacturer. Mukesh Trends is setting up a facility for manufacturing knitted denim to manufacture products like jeggings, jogger denims and jogger jeans. It is a first of its kind facility that can manufacture completely knitted denim. This fabric is usually imported from China, Turkey and Brazil and is hardly manufactured in India.