SOURCE: PTI
Industrial protective gear maker Jiwanram Sheoduttrai Industries Ltd (JSIL) on Friday said it is carrying out trials and testing for supplying “self-heating” vests for defence personnel posted at high altitude and freezing conditions.
The Kolkata-based company has filed draft papers to raise between Rs 15-18 crore through an IPO. “We are exploring to supply to the defence sector. We are now evaluating self-heating vests for defence personnel for use at very high altitudes. We are carrying out trials and testing,” JSIL Managing Director Alok Prakash said.
He said the company will also explore other clothing for defence personnel.
The MSME company aims to raise funds via SME IPO by offering 74,22,000 fresh equity shares and the approval has been received. The shares will be listed on the National Stock Exchange SME platform.
“It will be a fixed price issue and the final price will be announced on Monday. Post issue, the promoters will hold about 72 per cent,” Prakash said.
The proceeds will be used to meet working capital requirements, prepayment and repayment of all, or a portion of certain unsecured loans availed by the company, and for general corporate purposes.
The company said that the personal protective equipment market (PPE Market) was valued at USD 68.5 billion in 2022 and is projected to shrink by 1.3 per cent between 2022 and 2027 to reach USD 64.2 billion.
JSIL has three manufacturing facilities in West Bengal and currently exports 60 per cent of its production and 40 per cent is sold in the domestic market.
The issue is managed by Affinity Global Capital Market.