Silkflex Polymers saw a commendable market debut on May 15, 2024, as its shares commenced trading at ₹60 each on the NSE SME platform, indicating a premium of 15.38% over the issue price of ₹52. Following the listing, the stock surged to ₹63, marking a significant 21.15% jump over the issue price.
The SME IPO, valued at ₹18.11 crore, was open for subscription from May 7 to May 15, 2024, at a price of ₹52 per share. It comprised solely of a fresh issue of 3,482,000 newly issued shares, without any offer-for-sale component.
The IPO garnered significant investor interest, with an oversubscription of 39.30 times. Notably, the public issue witnessed robust subscription rates across all categories, with the retail category oversubscribed by 35.97 times, the Qualified Institutional Buyers (QIB) category by times, and the Non-Institutional Investors (NII) category by 36.59 times. As per Chittorgarh, the market capitalization of the Silkflex Polymers IPO stands at ₹60.36 crore.
Proceeds from the IPO are intended for various purposes, including funding the acquisition of land, financing capital expenditure requirements for plants and machinery, meeting working capital needs, and supporting general corporate purposes.
Silkflex Polymers is primarily engaged in the trading of textile printing inks and water-based wood coating polymers products under the Malaysian brand, “Silkflex,” produced by Silkflex Polymers SDN BHD (“Silkflex Malaysia”).
Silkflex Malaysia, a leading garment printing ink manufacturer, produces its products at its manufacturing unit in Malaysia, which are then distributed globally through authorized agents. The company holds the rights to sell Silkflex products and utilize the brand name in India.
Offering a diverse range of products, Silkflex Polymers distributes 108 textile printing ink products and 51 wood coating polymers products. Agreements with Silkflex Malaysia facilitate the distribution and sale of water-based textile printing ink products since October 1, 2016, and wood coating polymers products since October 1, 2019, in India.
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