Nandan Terry’s revenues from operations for the fiscal year 2021 rose 25 per cent compared to fiscal 2020 primarily due to an increase in sales of cotton yarn, towel and toweling products. The company has filed preliminary documents with markets regulator Sebi to raise Rs 255 crores through an initial public offering (IPO).

The proceeds of the public issue will be used for payment of debt, for funding working capital requirements and general corporate proposes. The company may consider raising Rs 40 crores through a pre-IPO placement. If the pre-IPO round is undertaken, the issue size will be reduced.

Nandan Terry based in Ahmedabad and part of the Chiripal Group is a fully vertically integrated company engaged in manufacturing terry towels and toweling products and also sells the cotton yarn manufactured at its units to achieve better sales realisations. It has the latest technology machines right from spinning to processing and can produce 25 million towel pieces per annum. Chiripal is a professionally managed business entity. Starting with a few power looms, it has evolved into a multi-activity, multi-product textile house that produces fiber to apparel under one roof. It has business in the fields of petrochemicals, spinning, weaving, knitting, fabric processing and chemicals.