Excelsior Correspondent
JAMMU, Oct 8: Prevest DenPro, a Jammu-based dental material manufacturing unit , became the third company from the J&K to float its IPO which had an impressive opening at the BSE SME on September 27, which was traded at Rs 180.55, a 115 percent premium over the issue price of Rs 84.
It became the first company from Jammu and Kashmir to get listed on the BSE SME platform. Jammu and Kashmir Bank is listed on main board of both the exchanges while Sarveshwar Foods is listed on NSE.
Prevest DenPro was set up by chemical engineer-turned-entrepreneur Atul Modi in 1999 at Jammu, who didn’t have prior experience in dental field. He made use of locally available gypsum and technology developed at the RRL Jammu by applying his business acumenship.
“The gypsum and techonolgy was locally available. Even though I didn’t have any prior experience in this field but I sensed a great business opportunity, And, since I am engineer I had confidence I will make it,” said Atul Modi
Prevest DenPro in the last two decades has emerged as major international player manufacturing about 100 products in dental applications. It has set up state-of-the-art unit at the Bari Brahmana Export Promotion Industrial Park Jammu, from where products are exported to more than 80 countries.
” We are the first dental appliances company on the stock exchange. Our products were received well by dentists and hospitals, so we were confident of the fine opening. We already had trusted base and were confident of our bright future,” said Atul Modi.
Prevest DenPro has established a network of 50 distributors in India. It also has distributors each in 80 countries. Modi says as the market is growing globally confident they will add 20 more countries to the list.
The company for its major expansion plan required huge finances for which it decided to raise funds from the market, without digging into its cash reserves, as IPO will give it an opportunity to reach out to the investors.
The company which started operations from one product in 1999-2000 has expanded to manufacturing 100 products. Its growth rate has been 20 percent in the last five years and even during the pandemic times. It’s now focussing on entering the global market and competing with multinationals.
Prevest DenPro has already got FDA approval in the United States, making it first company not only from the Jammu but India too to get it. It hopes to get permission for exporting products in Canada soon. It plans to become Rs 500 turn over company in the next decade. It is planning second phase of expansion and then plans to migrate to the main board of the stock exchange
“We faced competition in Indian market and also globally. But we had confidence but with perseverance we stayed course and have reached to this point. We have invested heavily in R&D. If we can make it out globally there is no question why not any other company from Jammu can achieve also but for vision has to be broadened,” Modi said.
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