Purv Flexipac made an extraordinary market debut on March 5th, opening at Rs 260, marking an astounding 266 percent premium over the issue price of Rs 71 on the NSE Emerge platform.
Prior to its listing, Purv Flexipac was trading at an impressive 83 percent premium in the grey market, an unofficial platform where shares are traded before IPO allotment and until the listing day. The grey market premium (GMP) is often tracked by investors to gauge the potential listing price.
The IPO, which opened for bidding on February 27th and closed on February 29th, witnessed an overwhelming subscription of 421.78 times.
With the offer price set at Rs 71 per share and a minimum lot size for an application comprising 1,600 shares, the company aims to utilize the net proceeds from the fresh issue towards repaying existing borrowings from scheduled commercial banks, funding working capital requirements, and addressing general corporate purposes.
Established in 2005, Purv Flexipack Limited is engaged in the distribution of various plastic products, including BOPP film, Polyester Films, CPP films, Plastic granules, Inks, Adhesives, Masterbatches, Ethyl Acedate, and Titanium Dioxide.
The company’s product portfolio encompasses Plastic Granules, Biaxially oriented polypropylene (BOPP) Films, HS BOPP, Matt BOPP, Glossy/Plain/Printing Grade BOPP, Tape and Textile BOPP, Pearlized BOPP, Polyester Films, and Cast Polypropylene (CPP) Films.
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