Purv Flexipack IPO's Spectacular 266% Premium Debut, Hits Lower Circuit

Purv Flexipack IPO's Spectacular 266% Premium Debut
Purv Flexipack IPO's Spectacular 266% Premium Debut, Hits Lower Circuit

by Tanushree Jaiswal Last Updated: Mar 05, 2024 - 05:50 pm 675 Views
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Purv Flexipack IPO Sees Astonishing Listing

On 5-Mar-24, Purv Flexipack IPO debuted on the NSE SME with a remarkable 266% premium over its issue price. It opened at ₹260, far above its ₹71 issue price, but trading was stopped promptly due to an influx of sellers causing the stock to hit its lower circuit. However, the initial excitement faded as investors began selling shortly after its impressive debut on Dalal Street. At the time of writing, Purv Flexipack's stock is locked in a lower circuit of 5% at ₹247. Before its listing, Purv Flexipack IPO was in high demand in the grey market trading at an 183% premium. GMP indicators raised expectations with anticipated listing prices around ₹201 per share marking a 183.10% increase over the IPO price.

Purv Flexipack IPO Subscription and IPO Details

Purv Flexipack IPO received a strong response from investors with an overall subscription rate of 421.78 times. In detail, the retail category was oversubscribed by 448.73 times, Qualified Institutional Buyers category by 157.32 times and the Non Institutional Investors category by an impressive 690.72 times

Purv Flexipack IPO opened for subscription from Tuesday 27 February to Thursday 29 February. The price band for the IPO was set between ₹70 to ₹71 per share with a lot size of 1,600 shares. Purv Flexipack IPO amounted to ₹40.21 crore involving a fresh issue of 56,64,000 equity shares with a face value of ₹10 each. Notably, there was no OFS component.

Check Purv Flexipack IPO Subscription Status

The company aims to utilize the proceeds from the IPO to address its working capital requirements, support general corporate purposes and repay certain current borrowings from commercial banks. The firm's core business activities include the distribution of a range of plastic based products catering to diverse industries such as packaging, polymer sector operations and more. Between 31 March 2022 and 31 March 2023 Purv Flexipack profit after tax rose by 31.82% while its revenue went up by 48.66%.

To Summarize

Purv Flexipack's impressive debut shows investor confidence and highlights the company's market potential. With solid foundations and plans for IPO proceeds, it's set for substantial growth and value creation ahead.

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About the Author

Tanushree is a seasoned professional with 6 years of experience in the Fintech and Edtech industry.

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Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.
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