Shares of Three M Paper Boards were quoting at Rs 79.80 on the BSE, a premium of 15.65% compared with the issue price of Rs 69.
The scrip was listed at Rs 76, a premium of 10.14% over the initial public offer (IPO) price. The stock is currently frozen in its upper limit of 5% over its listing price.The counter hit a high of Rs 79.80 and a low of Rs 76. About 15.32 lakh shares of the company changed hands at the counter.
Three M Paper Boards' IPO was subscribed 159.37 times. The issue opened for bidding on 12 July 2024 and it closed on 16 July 2024. The price band of the IPO was set at Rs 67-69 per equity share.
The IPO comprised fresh issue of 57,72,000 equity shares. The promoter and promoter group shareholding diluted to 70% from 100% pre-issue.
The company intends to utilize the net proceeds for installation of new machinery, modernisation of certain processes under existing manufacturing facility and installation of plastic fired low pressure boiler, for funding working capital requirements of company, prepayment or repayment of all or a portion of outstanding borrowing availed by the company and general corporate purpose.
Ahead of the IPO, Three M Paper Boards on 11 July 2024, raised Rs 11.32 crore from anchor investors. The board allotted 16.42 lakh shares at Rs 69 per share to 7 anchor investor.
Three M Paper Boards is engaged in the business of manufacturing recycled paper-based coated Duplex Board products used in various packaging applications across industries such as food and beverage, pharmaceuticals, cosmetics, and consumer goods and supplies its high-quality duplex board paper products in both the domestic and international markets. As on 31 March 2024, the company has 233 employees.
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The company recorded revenue from operations of Rs 272.23 crore and net profit of Rs 11.34 crore for the period as on 31 March 2024.
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