Purv Flexipack IPO: Issue oversubscribed on Day 3, retail, NII portion sees robust demand; check GMP
- Purv Flexipack IPO opens on February 27 and closes on February 29 with a price band of ₹70 to ₹71 per share. Lot size is 1,600 shares. Reserved shares for QIBs, NIIs, and retail investors. Market maker category reserved up to 3,48,800 equity shares.
Purv Flexipack IPO has opened for subscription on Tuesday, February 27, and will close on Thursday, February 29. Purv Flexipack IPO price band has been set in the range of ₹70 to ₹71 apiece of face value of ₹10 each. Purv Flexipack IPO lot size consists of 1,600 shares. Investors can bid for a minimum of 1,600 shares and in multiples thereof.
Purv Flexipack IPO has reserved not more than 50% of the shares in 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 offer is reserved for retail investors. The market maker category has been reserved upto 3,48,800 equity shares.
The main business activity of Purv Flexipack is the distribution of several plastic-based products, including polyester films, cast polypropylene (CPP) films, biaxially oriented polypropylene (BOPP) film, plastic granules, inks, adhesives, masterbatches, ethyl acedate, and titanium dioxide. Furthermore, for Indian Oil Corporation Limited's polymer sector, the company is a Dealer operated polymer warehouse (DOPW) and a Del Credere Associate (DCA).
"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!
The company's promoter are Rajeev Goenka, Poonam Goenka and M/s Purv Logistics Private Limited. The company's listed peers is Sah Polymers Limited (with P/E of 54.95), as per company's Red Herring Prospectus (RHP).
Between March 31, 2022, and March 31, 2023, Purv Flexipack Limited's profit after tax (PAT) climbed by 31.82% and its revenue increased by 48.66%.
Purv Flexipack IPO subscription status
Purv Flexipack IPO subscription status was 421.78 times on day 3. The issue received positive response from retail investors who's portion set was subscribed 448.73 times, and non-institutional buyers who's portion was subscribed 690.72 times, as per data available on chittorgarh.com. Qualified Institutions Buyers portion was subscribed 157.32 times.
The company has received bids for 1,60,20,89,600 shares against 37,98,400 shares on offer, according to data on chittorgarh.com.
Purv Flexipack IPO subscription status was 59.27 times on day 1, and the issue was booked 144.71 times on day 2.
Purv Flexipack IPO details
Purv Flexipack IPO, which is worth ₹40.21 crore, comprises a fresh issue of 56,64,000 equity shares with a face value of ₹10. This is a completely a fresh issue, and there is no offer-for-sale component.
The company intends to use the net proceeds of the new issue to finance its objectives of meeting the company's working capital needs; financing general corporate purposes; and fully or partially repaying certain current fund-based borrowings that the company obtained from scheduled commercial banks.
The Purv Flexipack IPO's book running lead manager 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.
Purv Flexipack IPO GMP today
Purv Flexipack IPO GMP or grey market premium is +110. This indicates Purv Flexipack share price were trading at a premium of ₹110 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, Purv Flexipack IPO expected listing price was ₹181 apiece, which is 154.93% higher than the IPO price of ₹71.
Based on last 13 sessions grey market activities, today IPO GMP points upward and expects a strong listing. The lowest GMP is ₹0, while the highest GMP is ₹125, according to investorgain.com analysts.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
- Top Gainers
- Top Losers
- 52 Week High