Shares of Silkflex Polymers (India) were quoting at Rs 59.50 on the NSE, a premium of 14.42% compared with the issue price of Rs 52.
The scrip was listed at Rs 60, a premium of 15.38% compared with the initial public offer (IPO) price. The stock is currently down 0.83% over its listing price.The counter hit a high of Rs 63 and a low of Rs 57. About 19.64 lakh shares of the company changed hands at the counter.
Silkflex Polymers (India)'s IPO was subscribed 35.12 times. The issue opened for bidding on 7 May 2024 and it closed on 10 May 2024. The price of the IPO was fixed at Rs 52 per share.
The IPO comprised fresh issue of 34,82,000 equity shares. The promoter and promoter group shareholding diluted to 69.89% from 99.84% pre-IPO.
The company intends to utilise the net proceeds to meet working capital requirements of the company, acquisition of land, to meet funding of capital expenditure requirements of company towards purchase of plant and machineries and general corporate purposes.
Silkflex Polymers (India) is a trading company that specializes in the trading of textile printing inks and water-based wood coating polymers produced by Malaysian brand Silkflex Malaysia. The company manufactures its products in Malaysia and supplies them globally through authorized agents. Silkflex Malaysia supplies products to countries like India, Thailand, Turkey, Russia, Sri Lanka, Bangladesh and Indonesia. The company holds exclusive rights to sell Silkflex products and use the Silkflex brand name in India. The company offers a wide variety of products, including 108 textile printing inks and 51 wood coating polymers. As on 31 December 2023, the company has 28 employees.
The company recorded revenue from operations of Rs 33.48 crore and net profit of Rs 2.56 crore for the period as on 31 December 2023.
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