Rangoli Tradecomm Ltd has said it will raise around Rs 45.15 crore via an initial public offering. The issue will open on 9 March and close 12 March. The floor price for the issue has been fixed at Rs 207 a share. The company will issue 2.18 million shares of which 0.11 million at Rs 207 aggregating to Rs 2.32 crore will be reserved for the market maker. The remaining 2.07 million worth Rs 42.84 crore will be referred to as a net issue, the draft red herring prospectus (DRHP) said. FedEx Securities Pvt Ltd and Bigshare Services Pvt Ltd are the lead managers to the issue. The net proceeds from the issue will be used for meeting working capital requirements and general corporate purposes.

As on March 2020, its networking capital requirement was Rs 52.02 crore versus Rs 9.90 crore from a year ago. Six months ended September 2020, the networking capital requirement was at Rs 63.53 crore. For fiscal 2020, total revenue of the company stood at Rs 165.44 crore versus Rs 3.52 crore a year ago. Net profit was at Rs 2.11 crore against Rs 2.92 crore.