Vaishnavi Prakash
Mumbai (Maharashtra) [India], May 9: Globe Textiles India Limited (GTIL) (NSE: GLOBE), a well-known textile star exporter of fabrics and garments catering to global and domestic markets for the last decade, has announced to make an application to BSE Limited (formerly known as Bombay Stock Exchange) for the direct listing of its equity shares. This strategic move underscores Globe Textile’s commitment to enhancing transparency and maximizing value for its shareholders.
A direct listing on BSE Limited gives Globe Textiles large investor access. Direct listings provide a streamlined pathway for companies to access public markets without the traditional IPO process, thereby reducing costs and administrative complexities. Furthermore, such listings promote liquidity, fostering a vibrant trading environment for listed securities.
As per the recent submissions, Globe Textiles (India) Limited has acquired Globe Denwash Private Limited, which is an environmentally friendly facility with a Zero Liquid Discharge system and partly solar generation, which minimizes energy costs while using green energy, and the company expects a 30% uptick in revenue and a top-line of 520 crores by 2027 on a consolidated basis. The company reported revenue of Rs 399.4 crore in Dec 2023 and has a production capacity of over 2.5 lakh sq. feet, where it manufactures 36 million meters of fabric and 2.5 million bottoms per annum. It has reported robust financial results over the years, with a 10-year CAGR of 13 percent in Revenue and 13 percent Net Profit.
Mr. Bhavin Parikh, Chief Executive Officer at Globe Textiles (India) Limited, said, “As Globe Textiles progresses with its evaluation and potential application process for a direct listing on BSE Limited, the company remains dedicated to maintaining open communication and transparency with its stakeholders, including shareholders, employees, customers, and regulatory bodies”.
Globe Textile’s decision to explore a direct listing on BSE Limited reflects its confidence in the company’s strong fundamentals, growth trajectory, and commitment to delivering sustained value to investors over the long term.
About Globe Textile:
Globe Textiles (India) Limited. (Acronym: GTIL) is a STAR Exporter of Fabrics and garments catering to global and domestic markets for the last one decade. GTIL is one of the top-ranked and highly reputed companies in the private sector, with primary business forays in exporting fabrics. GTIL operates a futuristic manufacturing facility of sheer production brilliance dedicated to garmenting for international customers in an Apparel Park. Cumulatively, the company has its production capacity sprawled over 3.5 lakh sq. feet housing various divisions. Together, it manufactures 2 million bed sets, 36 million meters of fabric and 2.5 million bottoms per annum. It has over 1200 workers and a team of over 100 staff members on board cumulatively.
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