Shares of Purv Flexipack were quoting at Rs 247 on the NSE, a premium of 247.89% compared with the issue price of Rs 71.
The scrip was listed at Rs 260, a premium of 266.20% compared with the initial public offer (IPO) price. The stock is currently frozen at its lower limit of 5% over its listing price.The counter hit a high of Rs 273 and a low of Rs 247. About 22.22 lakh shares of the company changed hands at the counter.
Purv Flexipack's IPO was subscribed 283.32 times. The issue opened for bidding on 27 February 2024 and it closed on 29 February 2024. The price band of the IPO was fixed between Rs 70 to 71 per share.
The IPO comprised fresh issue of 56,64,000 shares. The company intends to utilise the net proceeds for repayment of existing borrowings availed by the company from scheduled commercial banks, meet working capital requirements and general corporate purposes.
Ahead of the IPO, Purv Flexipack on 26 February 2023, raised Rs 10.76 crore from anchor investors. The board allotted 15.16 lakh shares at Rs 71 per share to 3 anchor investors.
Purv Flexipack 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. The company is a Del Credere Associate (DCA) Dealer Operated Polymer Warehouse (DOPW) of Indian Oil Corporation for their polymer division. The companys major clients are SRF, Poddar Pigments, Indian Oil Corporation, Brilliant Polymers. As on 31 December 2023, the company has 28 employees.
The company recorded revenue from operations of Rs 134.39 crore and net profit of Rs 5.76 crore for the period as on 30 September 2023.
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