Tuesday, February 20, 2024

Purv Flexipack Limited IPO Opens on February 27, 2024

Issue Size – 56,64,000 Equity Shares of ₹ 10 each
Issue Size – ₹ 39.65 Crores – ₹ 40.21 Crores
Price Band – ₹ 70 – ₹ 71
Market Lot Size – 1,600 Equity Shares 
Mumbai, February 20, 2024 – Purv Flexipack Limited, one of the leading providers of flexible packaging solutions, has announced its plan to go public with an Initial Public Offering on February 27, 2024.The company is aiming to raise ₹ 40.21 Crore on upper band price through this IPO, with shares set to be listed on the NSE Emerge platform.
The issue size is Up to 56,64,000 equity shares at face value of ₹ 10 each. 
Equity Share Allocation
QIB Anchor Portion – Up To 15,16,800 Equity Shares
Qualified Institutional Buyers (QIB) – Up To 10,52,800 Equity Shares
Non-Institutional Investors (NII) – Up To 8,44,800 Equity Shares
Retail Individual Investors (RII) – Up To 19,00,800 Equity Shares
Market Maker – Up To 3,48,800 Equity Shares

The net proceeds from the IPO will be utilized for the repayment of existing borrowings availed by the company from scheduled commercial banks, Funding Working Capital Requirements, and meeting General Corporate Expenses. The bidding for the Anchor portion will open on February 26, 2024, and the issue will close on February 29, 2024.

The Book Running Lead Manager to the Issue is Holani Consultants Private Limited. The Registrar to the Issue is Link Intime India Private Limited.

Mr. Rajeev Goenka, Chairman & Non-Executive Director said, “We are pleased to announce our forthcoming IPO. With a strong foothold in the plastic industry and years of dedicated service providing diverse packaging solutions to a wide-ranging customer base, Purv Flexipack Limited remains committed to delivering quality products. Our involvement in the trading and distribution of flexible packaging materials has allowed us to establish a robust presence in the market, driven by strategic partnerships and an unwavering dedication to excellence.

The funds raised will primarily go towards repaying existing loans from commercial banks and supporting our company's working capital needs. We are excited about the prospects of continued growth and sustainability within industry.” 

Mr. Ashok Holani, Director of Holani Consultants Private Limited said, "Purv Flexipack Limited's IPO represents a significant milestone in the plastic manufacturing industry, and we're delighted to be part of their journey. With a solid reputation and a diverse range of plastic-based products, the company's dedication to innovation and quality assurance shines through. We extend our best wishes to Purv Flexipack Limited for continued success and growth in the future.”

About Purv Flexipack Limited:

Purv Flexipack Limited has been involved in the trading and stockpiling of various flexible packaging materials and related products since its incorporation in 2005. The Company primarily engaged in the distribution of various plastic-based products such as Biaxially Oriented Polypropylene (BOPP) film, Polyester Films, Cast Polypropylene (CPP) films, Plastic granules, Inks, Adhesives, Masterbatches, Ethyl Acedate, and Titanium Dioxide. They offer various packaging solutions to a diverse customer base. Purv Flexipack has a strong foothold in East, marked by strategic partnerships with major corporations. In addition, the company is a Del Credere Associate (DCA) Dealer Operated Polymer Warehouse (DOPW) of Indian Oil Corporation Limited for their polymer division. The warehouse ensures safe storage of products with modern facilities. Their commitment to quality makes them a reliable industry leader. 
In FY23, The Company Achieved a Revenue of ₹ 33,317.44 L, EBITDA of ₹ 1,891.68 L, & PAT of ₹ 826.13 L.

Certain statements in this document that are not historical facts are forward looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The Company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

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