The company intends to allocate the proceeds toward expanding its manufacturing capacity, while also bolstering working capital and addressing general corporate needs. To facilitate the sale, management has granted underwriters a 30-day option to purchase an additional 15% of the shares. Citigroup and Barclays are acting as joint book-running managers for the transaction.

Despite the announcement, the offering remains subject to prevailing market conditions. The company cautioned that there is no certainty regarding the final timing, size, or successful completion of the deal.