NSE SME SPP Polymer's listing fails to spark interest

NSE SME SPP Polymer were trading at Rs 59.85 on the NSE, a premium of 1.44% compared with the issue price of Rs 59.

The scrip was listed at Rs 63, a premium of 6.78% over the initial public offer (IPO) price. The stock was currently frozen at its lower limit of 5% over its listing price.

The counter hit a high of Rs 63 and a low of Rs 59.85. About 5.40 lakh shares of the company changed hands at the counter.

SPP Polymer's IPO was subscribed 39.08 times. The issue opened for bidding on 10 September 2024 and it closed on 12 September 2024. The price of the IPO was set at Rs 59 per share.

The IPO comprised fresh issue of 41,50,000 equity shares. The promoter and promoter group shareholding diluted to 69.37% from 94.99% pre-issue.

The company intends to utilize the net proceeds to meet working capital requirement, repayment of loan and general corporate purpose.

SPP Polymer engaged in the business of manufacturing of HDPE/PP woven fabric & bags, non-woven fabrics & bags and PP Multifilament yarn. It offers packaging solutions to Business to Business (B2B) manufacturers catering to different industries such as cements, chemicals, food grains, sugars, polymers, agriculture, and others for the packaging of goods in big quantities. As on 30 June 2024, the company has 331 employees.

The company recorded revenue from operations of Rs 28.19 crore and net profit of Rs 0.91 crore for the period as on 1st April to 30th June 2024.

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