The IPO price range of Purv Flexipack has been set in the range of ₹70 tonnes ₹71 each with a face value of ₹10 each. The Purv Flexipack IPO will open for subscription on Tuesday, February 27th and close on Thursday, February 29th. The lot size of the Purv Flexipack IPO consists of 1,600 shares. Investors can bid for at least 1,600 shares and multiples thereof. The minimum price is seven times the par value of the shares and the maximum price is 7.10 times the par value of the shares.
Purv Flexipack's primary business is the distribution of various plastic-based products, including polyester films, cast polypropylene films (CPP), biaxially oriented polypropylene films (BOPP), plastic granules, inks, adhesives, masterbatches, ethyl acetate and titanium dioxide. Additionally, the company is a Dealer Operated Polymer Warehouse (DOPW) and a Del Credere Associate (DCA) for Indian Oil Corporation Limited's polymer sector.
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The founders of the company are Rajeev Goenka, Poonam Goenka and M/s Purv Logistics Private Limited. The company's listed competitors are Sah Polymers Limited (with a P/E ratio of 54.95), according to the company's Red Herring prospectus (RHP).
Between March 31, 2022 and March 31, 2023, Purv Flexipack Limited's profit after tax (PAT) increased by 31.82% and revenue increased by 48.66%.
Purv Flexipack IPO details
The IPO of Purv Flexipack, which is worth it ₹40.21 crore, comprising a fresh issue of 56,64,000 equity shares of face value ₹10. This is a completely new problem and there is no offer component.
As stated in the RHP, a pre-IPO placement of 12,00,000 shares is required in total ₹852.00 Lakhs was executed by the company in consultation with the Book Running Lead Manager (BRLM). The pre-IPO placement has resulted in a reduction in the size of the new issue, previously disclosed in the Draft Red Herring Prospectus (DRHP), to 68,64,000 shares. This means that the new issue only comprises up to 56,64,000 ordinary shares.
The Book Running Lead Manager of Purv Flexipack IPO is Holani Consultants Private Limited and the Registrar is Link Intime India Private Ltd. Holani Consultants is the market maker for the Purv Flexipack IPO.
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The Company intends to use the net proceeds of the New Issue to fund its objectives to meet the Company's working capital requirements; financing of general corporate purposes; and the full or partial repayment of certain current fund-based loans borrowed by the Company from regular commercial banks.
Tentatively, the allotment base for Purv Flexipack's IPO will be completed on Friday, March 1, and the company will issue refunds on Monday, March 4, while shares will be deposited into the demat account on the same day after refund be credited to the allottee. Purv Flexipack share price is expected to list on NSE SME on Tuesday, March 5.
Purv Flexipack IPO has reserved not less than 50% of the shares of the public issue for Qualified Institutional Buyers (QIB), not less than 15% for Non-Institutional Institutional Investors (NII) and not less than 35% of the offering is reserved for retail investors. The market maker category is reserved for up to 3,48,800 shares.
Purv Flexipack IPO GMP today
Purv Flexipack IPO GMP or gray market premium is +35. This suggests that Purv Flexipack's share price was trading at a premium of ₹35 on the gray market, according to investorgain.com.
Taking into account the upper end of the IPO price range and the current gray market premium, Purv Flexipack's expected listing price was ₹106 per piece, which is 49.3% higher than the IPO price of ₹71.
“Gray market premium” indicates investors’ willingness to pay more than the issue price.
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