Home News Purv Flexipack Limited IPO Opens on February 27, 2024

Purv Flexipack Limited IPO Opens on February 27, 2024

by Our Corresspondent - Feb 20, 2024
Purv Flexipack Limited IPO Opens on February 27, 2024, News, KonexioNetwork.com

  • 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 : 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.”