Purv Flexipack Limited, a distributor of plastic products, made a dazzling debut on the NSE Emerge platform on March 5, listing at an impressive 266 percent premium over its IPO price of Rs 71, opening at Rs 260.
In anticipation of its listing, Purv Flexipack had already demonstrated significant traction in the grey market, trading at an 83 percent premium. The grey market premium (GMP) serves as an unofficial indicator for investors, offering insights into potential listing prices.
The IPO, which ran from February 27 to February 29, garnered tremendous investor interest and was oversubscribed by a whopping 421.78 times. The offer price was fixed at Rs 71 per share, with a minimum lot size of 1,600 shares for an application.
Purv Flexipack plans to allocate the net proceeds from the fresh issue towards repaying existing borrowings, funding working capital requirements, and addressing general corporate purposes.
Established in 2005, Purv Flexipack Limited specializes in distributing various plastic products, encompassing a range from BOPP films, Polyester Films, and CPP films to Plastic granules, Inks, Adhesives, Masterbatches, Ethyl Acedate, and Titanium Dioxide.
The company’s diverse product portfolio includes 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.
