Silkflex Polymers Listing: Stock makes decent market debut, lists at 15% premium at ₹60
Silkflex Polymers IPO: The stock opened at ₹60, a 15.38% premium over the issue price. The company, engaged in trading textile inks and wood coatings, aims to use proceeds for acquisitions and working capital. The IPO was subscribed by 39.30 times.
Silkflex Polymers made a decent market debut today, on May 15, 2024, as its shares opened at ₹60 each on NSE SME, indicating a premium of 15.38% over the issue price of ₹52. The stock further jumped to ₹63 right after the listing, indicating a 21.15% jump over the issue price.
The SME IPO, valued at ₹18.11 crore, was open for subscription from May 7 to May 10, 2024, at a price of ₹52 per share. It consisted solely of a fresh issue of 3,482,000 shares, without any offer-for-sale component.
The IPO is subscribed to 39.30 times. The market capitalisation of the Silkflex Polymers IPO is ₹60.36 crore, according to Chittorgarh.
The company proposes to utilise the net issue proceeds towards funding the acquisition of land, funding the capital expenditure requirements towards the purchase of plants and machinery, working capital requirements, and general corporate purposes.
The company is engaged in the trading of the textile printing inks and water-based wood coating polymers products of a Malaysian-based brand, "Silkflex,” produced by Silkflex Polymers SDN BHD (“Silkflex Malaysia”).
Silkflex Malaysia is one of the garment printing ink manufacturers in Malaysia. Silkflex Malaysia manufactures its products through its manufacturing unit located in Malaysia, and the same products are then supplied around the globe through its authorised agents.
The list of countries where Silkflex Malaysia supplies the products includes India, Thailand, Turkey, Russia, Sri Lanka, Bangladesh, and Indonesia. Currently, the company has the right to sell the products of Silkflex and the right to use the brand name of Silkflex in India.
Silkflex Polymers offers a wide variety of products, which consist of 108 textile printing ink products and 51 wood coating polymers products. The company entered into an agreement with Silkflex Malaysia on October 01, 2016, for the distribution and sale of its water-based textile printing ink products.
It also entered into an agreement with Silkflex Malaysia on October 01, 2019, for the distribution and sale of the wood coating polymers products. These agreements also give the company the right to use the brand name Silkflex in India.
Disclaimer: We advise investors to check with certified experts before taking any investment decisions.
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