Purv Flexipack Limited Initiates IPO Opening on February 27, 2024, Offering Investment Opportunities

 

Mumbai: “Purv Flexipack Limited”, a leading provider of flexible packaging solutions, has announced its plan to go public with an Initial Public Offering on February 27, 2024. The company aims to raise ₹40.21 Crore at the upper band price through this IPO, with shares set to be listed on the NSE Emerge platform.

Here are the key details of the IPO:

• Issue Size: Up to 56,64,000 equity shares at a face value of ₹10 each.
• Price Band: ₹70 – ₹71 per share.
• Market Lot Size: 1,600 Equity Shares.

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.

'Holani Consultants Private Limited' is the Book Running Lead Manager to the Issue, and Link Intime India Private Limited is the Registrar of the Issue.

Mr. Rajeev Goenka, Chairman & Non-Executive Director of Purv Flexipack Limited, expressed his pleasure at the forthcoming IPO, highlighting the company's strong foothold in the plastic industry and its commitment to delivering quality products. He emphasized their dedication to excellence and strategic partnerships, stating the funds raised would support working capital needs and repay existing loans.

Mr. Ashok Holani, Director of Holani Consultants Private Limited, expressed excitement about being part of Purv Flexipack Limited's journey, emphasizing the company's solid reputation, diverse product range, and commitment to innovation and quality assurance.

The IPO represents a significant milestone in the plastic manufacturing industry, with 'Purv Flexipack Limited' poised for continued success and growth in the future.