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Business News/ Markets / Ipo/  Purv Flexipack IPO: Price band, issue size, GMP, key details to know
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Purv Flexipack IPO: Price band, issue size, GMP, key details to know

Purv Flexipack IPO will open for subscription on Tuesday, February 27, and close on Thursday, February 29. Purv Flexipack IPO lot size consists of 1,600 shares.

Purv Flexipack IPO price band has been set in the range of ₹70 to ₹71 apiece. (https://www.purvflexipack.in/)Premium
Purv Flexipack IPO price band has been set in the range of 70 to 71 apiece. (https://www.purvflexipack.in/)

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 will open for subscription on Tuesday, February 27, and close on Thursday, February 29. Purv Flexipack IPO lot size consists of 1,600 shares. Investors can bid for a minimum of 1,600 shares and in multiples thereof. The floor price is 7 times of the face value of equity shares and the cap price is 7.10 times of the face value of 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).

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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 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.

As stated in the RHP, a pre-IPO placement of 12,00,000 equity shares for a total of 852.00 lakhs was carried out by the firm in consultation with book running lead manager (BRLM). The pre-IPO placement has resulted in a reduction of the fresh issue's size, which was previously revealed in the Draft Red Herring Prospectus (DRHP) to 68,64,000 equity shares. As a result, the fresh issue now only comprises up to 56,64,000 equity shares.

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.

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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.

Tentatively, Purv Flexipack IPO basis of allotment of shares will be finalised on Friday, March 1, and the company will initiate refunds on Monday, March 4, while the shares will be credited to the demat account of allottees on the same day following refund. Purv Flexipack share price is likely to be listed on NSE SME on Tuesday, March 5.

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. 

Purv Flexipack IPO GMP today

Purv Flexipack IPO GMP or grey market premium is +35. This indicates Purv Flexipack share price were trading at a premium of 35 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 106 apiece, which is 49.3% higher than the IPO price of 71.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Also Read: WTI Cabs share price debuts with 33% premium at 195 apiece on NSE SME

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.

 

 

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Published: 19 Feb 2024, 05:30 PM IST
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