The IPO of Premium Plast will open on Monday i.e. 21 October 2024. The company has fixed a price band of Rs 46-49 for its IPO, for which investors can bid for at least 3,000 shares. This IPO can be subscribed till Wednesday, October 23.
Plan to raise crores of rupees
Premium Plast is planning to raise Rs 26.20 crore through its IPO. In this issue, the company is going to issue 53,46,000 fresh shares, whose face value is Rs 10 per share. According to information received from multiple sources, the company’s gray market premium (GMP) was between Rs 5-7.
The company plans to use the proceeds from this IPO to expand its capacity, purchase new machines, meet working capital requirements, partially repay debt and meet other corporate needs. Shares of this company will be listed on the SME platform of NSE on Monday, October 28.
IPO retail investors
In IPO, retail investors can bid for only one lot i.e. 3,000 shares. The price of one lot is Rs 1.47 lakh. Other investors will have to bid for at least two lots i.e. 6,000 shares. The company has reserved 10 per cent of its issue shares for qualified institutional buyers, while 45-45 per cent shares have been reserved for non-institutional investors and retail investors.
Premium Plast, started from Thane in the year 1994, manufactures plastic items, which are used in a variety of things. The company manufactures more than 600 plastic products, which are commonly used in the automobile industry. The company has three factories, of which two are in Pitampur in Madhya Pradesh and one in Vasai in Maharashtra.
Recorded profit of Rs crore
In the quarter ending June 30, 2024, the company had registered a profit of Rs 1.41 crore, while the company’s income was Rs 12.13 crore. In the financial year 2023-24, the company recorded a total profit of Rs 4.78 crore, while its total income was Rs 46.71 crore.
Khandwala Securities is the sole manager of the issue, while Bigshare Services has been appointed as the registrar to the issue. Asnani Stock Broker has been made the market maker for this IPO, for which a total of 2,70,000 shares have been reserved.