Transteel Seating Technologies Ltd IPO

Transteel Seating Technologies Limited was originally incorporated on February 08, 1995 as a Private Limited Company as Transteel Seating Technologies Private Limited under the provisions of the Companies Act, 1956 with the Registrar of Companies, Karnataka, Bangalore. Later in the year 2022, pursuant to a Special Resolution of its Shareholders passed in the Extra-Ordinary General Meeting held on November 04, 2022, the Company was converted from a Private Limited Company to Public Limited Company and consequently, the name of the Company was changed to `Transteel Seating Technologies Limited' and a Fresh Certificate of Incorporation consequent to Conversion was issued on April 19, 2023 by the Registrar of Companies, Bangalore. The Corporate Identification Number of the Company is U36109KA1995PLC017137,

The Indian furniture market has traditionally been a largely unorganised one, for long dependent on local carpenters for customised wood-based products. But this trend is changing partly due changing preferences of consumers and partly due to administrative compliance issues. The market was dominated by a large number of small and local manufacturers till recently but as a result of the changing consumer's preference for quality products along with increased formalisation of the economy due to implementation of GST, organised players' market share is expanding. Meanwhile, Indian furniture industry has moved beyond living and bed rooms thanks to growing income of middle-class population and their fast changing tastes and preferences. Also, through the decades, the Indian furniture market has progressed. The market has expanded way beyond chairs and tables, including designed interiors such as wardrobes and sofas. With the arrival of MNCs like IKEA, the share of the organised players in the market is expected to expand further. India is also known for its rich handcraft and appealing traditional art and style which also has had its impact on furniture industry. In fact, the Indian furniture business is noted for its fine craftsmanship, traditional art, and elegance. The growth of the real estate market coupled with co-working business spaces is also driving the development of the furniture sector. As the Indian economy recovers from the impact of COVID-19, India's furniture market is on an upward trajectory. In recent years, of course, ignoring the Covid-years, the sentiments are very positive because the consumers have started placing more emphasis on their home, especially with respect to furniture and furnishing. The rise of the middle class, increasing urbanisation and preference for branded products are greatly helping the growth of Indian furniture market.

The Company is a known furniture provider with over 20 years of corporate and B2B experience. The Company has developed the skill and expertise in making chairs, office furniture and other residential and commercial furniture. Over the years the company has continued to focus on what the company does well i.e. craft performance oriented Tables and Chairs. Its furniture solutions are a mix of design, value, and ergonomics, which ensure that your back stays in good shape, day after day. It has also developed the in house Technical & Design team to provide turnkey solution and implementation of interior and work space in Commercial, Residential and Educational Institutions. Its aim is to develop creative and innovative Designs in furniture space and to develop techniques to make all products as part of Make in India initiative. The Company's proficiency lies in understanding the specific requirement of its potential customers and based on which it takes the orders and it designs according to the client's requirements and deliver the final product. The Company provides wide assortment of products, such as Office Chairs and Office Furniture. Its professionals are devoted to develop a product range capable to gain a nationwide interest for its finish, designs, colour combinations, flawless detailing, quality and higher durability.