9 August, 2011

Copper wire products manufacturer Duplex Industries has filed its draft red herring prospectus (DRHP) with market regulator (SEBI) for an initial public offering (IPO) of Rs 125 crore. The company’s products are used in power, electrical, electronics and telecommunications segments.

Duplex intends to use the net issue proceeds for setting up a new unit for manufacture of wires and cables; expansion of existing unit at Silvassa for manufacturing bare and insulated copper strips and conductors; and for working capital requirement.

Net profit of the company jumped 201.6% in the year-ended March 2011 to Rs 30.28 crore over the previous year. Revenues jumped 111.9% to Rs 645.99 crore during the same period. Debt too increased 203% to Rs 106.6 crore.