Xolopak India files DRHP with NSE Emerge

New Delhi: Pune-headquartered sustainable disposable packaging maker Xolopak India on Monday said it has filed draft papers with NSE Emerge to raise funds through an initial public offering (IPO). The IPO comprises a fresh issuance of 52,86,000 equity shares, each with a face value of Rs 10 each, a company statement said. Xolopak India Ltd (XIL), a leading player in sustainable disposable packaging products and India’s first manufacturer of organic disposable cutlery and ice cream sticks and spoon products, has filed Draft Red Herring Prospectus (DRHP) with the NSE Emerge, the statement added. Xolopak India logged nearly three-fold growth in its revenue from operations at Rs 31.47 crore in the fiscal year 2023-24, compared to Rs 11.87 crore in FY2022-23 and has posted a net profit of Rs 6.36 crore in FY24, as against Rs 3.48 crore in FY23. As per to the DRHP, the Xolopak India intends to invest Rs 20 crore from the IPO proceeds for the acquisition of equity shares in Atharva Poly-Plast Pvt Ltd, Rs 20.17 crore to purchase a new plant and install machinery and plans to utilise the remaining funds for general corporate purposes.