NSE SME IPO of Purv Flexipack subscribed 38.32 times

The offer received bids for 21.70 crore shares as against 56.64 lakh shares on offer.

The initial public offer (IPO) of Purv Flexipack received bids for 21,70,83,200 shares as against 56,64,000 shares on offer, as per NSE data as of 17:00 hours on Tuesday , (27 February 2023). The issue was subscribed 38.32 times.

The issue opened for bidding on Tuesday (27 February 2024) and it will close on Thursday, (29 February 2024). The price band of the IPO is fixed between Rs 70 to 71 per share. The minimum order quantity is 1,600 equity shares. The equity shares will list on NSEs SME Platform.

The IPO comprises fresh issue of 56,64,000 shares. About 3,48,800 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 53,15,200 equity shares.

The company intends to utilize the net proceeds for repayment of existing borrowings availed by the company from scheduled commercial banks, meet working capital requirements and general corporate purposes.

Ahead of the IPO, Purv Flexipack on Monday, 26 February 2023, raised Rs 10.76 crore from anchor investors. The board allotted 15.16 lakh shares at Rs 71 per share to 3 anchor investors.

Purv Flexipack engaged in the distribution of various plastic-based products such as Biaxially Oriented Polypropylene (BOPP) film, Polyester Films, Cast Polypropylene (CPP) films, Plastic granules, Inks, Adhesives, Masterbatches, Ethyl Acedate, and Titanium Dioxide. The company is a Del Credere Associate (DCA) Dealer Operated Polymer Warehouse (DOPW) of Indian Oil Corporation for their polymer division. The companys major clients are SRF, Poddar Pigments, Indian Oil Corporation, Brilliant Polymers. As on 31 December 2023, the company has 28 employees.

The company recorded revenue from operations of Rs 134.39 crore and net profit of Rs 5.76 crore for the period as on 30 September 2023.

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