Zircon Technologies, engaged in the business of label printing for packaging of products, has received markets regulator SEBI’s go-ahead to float an initial public offering.
With this, the total number of companies getting clearance from the Securities and Exchange Board of India (SEBI) to launch IPO has reached 70 so far this year.
Zircon Technologies (India), which had filed draft papers with SEBI in September, obtained the regulator’s observations on November 12, latest update with the markets watchdog showed.
Zircon, a research-based organisation that creates innovative brand security, anti-counterfeiting, and authenticity for brands and documents, as per company website.
Going by the draft papers, the company’s IPO comprises 59 lakh equity shares.
Proceeds of the issue will be utilised for repayment of certain borrowings availed by the company, for setting up of the new manufacturing facility at Dehradun, funding the working capital requirements of the firm and general corporate purposes.