New Delhi, Dec 3 (PTI) Speciality fabric manufacturer for the mattress industry Rachit Prints on Tuesday said it aims to triple revenue to Rs 100 crore by fiscal 2026-27, and also plans to float an IPO to fund expansion.
Company's revenue from operations stood at Rs 37.08 crore during the financial year 2023-24.
The Meerut-headquartered company manufactures speciality fabrics tailored for mattresses, such as knitted fabric, printed fabric, and warp knit.
In a release, Rachit Prints said it is planning to raise funds through an initial public offering (IPO) to expand operations and manufacturing capabilities.
The company has appointed Khambatta Securities as the book running lead manager to the offer.
"As we set out on a journey towards expanding our operations and plant capacities, we are aspiring to raise funds through an IPO and we are confident of achieving a revenue mark of Rs 100 crore by 2026-27," said Anupam Kansal, promoter and managing director, Rachit Prints.
The company operates a manufacturing facility spread over 30,625 square feet at Meerut, Uttar Pradesh and is equipped with Indian, German, Turkish, and Chinese machinery.
Rachit Prints clocked Rs 9.8 crore in revenue from operations with a profit (PAT) of Rs 1.02 crore in the first quarter of the current financial year ended June 2024.