Rachit Prints gets in-principle nod for IPO

Meerut-based specialty fabric manufacturer plans to raise ₹19.50 crore

By
IPP Desk
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Rachit
Anupam Kansal, founder, Rachit Prints

Rachit Prints (RPL), a manufacturer of high-quality specialty knitted and printed fabrics for the mattress industry, has announced that it has received in-principle approval from the BSE SME Exchange for its initial public offering (IPO). The company had filed its Draft Red Herring Prospectus (DRHP) with BSE SME in December 2024 and is now in the process of submitting the Red Herring Prospectus (RHP) with updated financials. 

The IPO comprises a fresh issue of up to 13,08,000 equity shares with a face value of ₹10 each, aiming to raise approximately ₹19.50 crore through the book-building route. The net proceeds will be utilized with ₹9.50 crore allocated for working capital requirements, ₹4.40 crore for business expansion (including capital expenditure for plant and machinery), ₹1.32 crore for partial prepayment of term loans, and the remaining funds for general corporate purposes. 

Headquartered in Meerut, Uttar Pradesh, Rachit Prints specializes in manufacturing knitted fabric, printed fabric, warp knit, pillow fabric, blinding tape, and trades in comforters and bedsheets. The company sources yarn and chemicals to produce high-performance textiles, catering primarily to the mattress industry under a B2B model.

The company has secured long-term supply agreements with Sheela Foam Limited (Sleepwell) and Kurlon Enterprise (via an MoU signed in February 2024 for 19 lakh meters of fabric) and also supplies to Prime Comfort Products. Its 30,625 square feet manufacturing facility in Meerut is equipped with advanced machinery from India, Germany, Turkey, and China, and benefits from government subsidies under the amended technology upgradation fund scheme (ATUFS). 

Founded in 2003 by Anupam Kansal, a textile industry veteran with over three decades of experience, Rachit Prints is focused on innovation, quality, and customer satisfaction. Kansal oversees strategic decision-making, business development, and expansion initiatives. 

The company reported ₹9.8 crore in revenue from operations with a profit after tax (PAT) of ₹1.03 crore in Q1 FY25. The company reported ₹37.08 crore in revenue and a PAT of ₹2.03 crore in FY24. 

Khambatta Securities is the Book Running Lead Manager, and Maashitla Securities is the Registrar to the Offer.

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