City-based denim garments maker and a Star export house, Globe Textiles (India) Ltd looks to raise Rs 10-11 crore through the initial public offering (IPO) on the National Stock Exchange (NSE)'s SME platform Emerge.

The company last week filed the Draft Prospectus for the same and looks to list the shares later this month on the stock exchange, informed top company official.

Primarily functioning as a fabric and garment exporter, Globe Textiles started its operations in 2008 with dyed and printed fabrics exports, primarily sarongs and scarfs. The company expanded its product portfolio by adding verticals of home textiles, denim fabric and washed denim garments.

"We are planning to raise about Rs 10-11 crore through the SME IPO. This will be primarily for working capital requirement, general corporate purpose and IPO expenses," Bhavin Parikh, chief executive officer, Globe Textiles told BusinessLine.

The Issue includes a fresh Issue of 13,68,000 Equity Shares of the Company and an Offer for Sale for 13,20,000 equity shares. The issue price is yet to be announced. Hem Securities is the lead manager to the issue.

The company has achieved CAGR of about 30 per cent between 2011-12 to 2015-16. The Star export house has set its priority in the domestic denim garment market through its home-grown brands - IndiGen and IndiGirl, which is currently sold through third-party e-commerce portals.

"Gradually we will see share of the domestic revenues to our total earnings rise from the current 30 per cent. Denim is outperforming other segments in growth and with increased acceptance of the products, we see this segment growing further in domestic market. Currently, denim segment has 40-45 per cent share in our revenues," said Parikh. Company's revenues for March 2016-17 stood at Rs 190 crore, with 10 per cent growth year-on-year. About 65-70 per cent of the total revenues come from exports to Europe and Gulf.

Globe Textiles has denim garment capacity of 200,000 pieces per month. It has factories at Khokhra, Ahmedabad, and another one at Piplaj near Gandhinagar.