SPP Polymers IPO Opens On Sept. 10 — Check Offer Size, Price Band And Other Key Details

SPP Polymers Ltd. is set to launch its initial public offering on Sept. 10. The offering is a fixed-price issue worth Rs 24.49 crore. The NSE SME IPO comprises entirely of a fresh issue of 41.5 lakh equity shares.

The bidding process for the SPP Polymers IPO will close on Sept. 12. The IPO share allotment is expected to be finalised on Sept. 13, with the company slated to list on the NSE SME platform by Sept. 17.

Here's a look at key details about the IPO ahead of the subscription.

SPP Polymers IPO price has been fixed at Rs 59 per share. Retail investors can bid for a single lot size of 2,000 shares, aggregating to a minimum investment of Rs 1,18,000. The application size of High Net-Worth Individuals is of two lots, or 4,000 shares, amounting to an investment of Rs 2,36,000.

Kfin Technologies Ltd. has been designated as the registrar for the SPP Polymers IPO, while Interactive Financial Services Ltd. is acting as the book-running lead manager. The market maker will be BN Rathi Securities.

SPP Polymers aims to use the net proceeds from the IPO for several key objectives as outlined in the DRHP. The company will use the funds to repay existing loans, meet working capital requirements and address general corporate purposes.

SPP Polymers has shown significant financial growth, with its total income rising by around 40.5% and profit after tax increasing by around 83% year-on-year for the fiscal year ending March 31, 2024.

The company's total income stood at Rs 93.81 crore in fiscal 2024, compared to Rs 66.77 crore in the previous fiscal. For the same period, the company's PAT stood at Rs 99.4 lakh, compared to Rs 54.42 lakh in the preceding fiscal.

SPP Polymers Ltd., founded in 2004, has a diverse range of products, such as HDPE/PP woven fabrics and bags, non-woven fabrics and bags, and multifilament yarn.

With an annual production capacity of 12,000 MT for HDPE/PP woven fabrics and bags, 4,000 MT for non-woven fabrics, and 300 MT for multifilament yarn, SPP Polymers offers customised solutions to meet specific client requirements. The company's products are used across various industries, such as agro-pesticides, cement, chemicals, fertilisers, food products, textiles, ceramics and steel.