Creative Graphics Solutions India's Rs 54 cr IPO to open on March 28

Integrated packaging ecosystem player Creative Graphics Solutions India Ltd on Friday said its Rs 54.4-crore initial share-sale will open for public subscription on March 28.

The public issue will conclude on April 4 and the bidding for anchor investors will open for a day on March 27, the company said in a statement.

After the completion of the Initial Public Offering (IPO), shares of the company will be listed on the NSE's Emerge -- a platform for small and medium enterprises.

The Noida-based company's IPO comprises a fresh issue of 64 lakh equity shares worth Rs 54.4 crore at the upper end of the market. The price band for the issue has been fixed at Rs 80-85 per share.

Proceeds from the IPO will be used to meet working capital requirements of the company, repay debt, support working capital expenditure, fund inorganic growth through unidentified acquisition and general corporate expenses.

Creative Graphics specialises in manufacturing flexographic printing plates and serves its customer base in India, Thailand, Qatar, Kuwait, Nepal, and Africa.

It operates seven manufacturing facilities in different states -- Noida (Uttar Pradesh), Vasai in Pune (Maharashtra), Chennai (Tamil Nadu), Baddi (Himachal Pradesh), Hyderabad (Telangana), and Ahmedabad (Gujarat).

The company clocked a revenue of Rs 48.07 crore and earned a profit after tax of Rs 7.24 crore in the first half of the current fiscal year, which ended on September 30, 2023.

It registered a revenue of Rs 90.14 crore and a profit after tax of Rs 8.64 crore in FY23.