SPP Polymer IPO Subscribed 43.29 Times On Final Day
The grey market premium of SPP Polymers is Rs 15 as of 6:20 p.m., implying a 25.42% gain over the IPO price.
The initial public offering of SPP Polymer Ltd. was subscribed over 40 times on the third and final day of bidding. The IPO was subscribed 12.05 times on the second day of bidding on Wednesday and 5.36 times on Tuesday, led by demand from retail investors.
The offering was a fixed-price issue worth Rs 24.49 crore. The NSE SME IPO comprised entirely of a fresh issue of 41.5 lakh equity shares.
SPP Polymer IPO price was set at Rs 59 per share. Retail investors could 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 was of two lots, or 4,000 shares, amounting to an investment of Rs 2,36,000.
The IPO share allotment is expected to be finalised on September 13, with the company slated to list on the NSE SME platform by September 17.
SPP Polymer IPO Subscription Status: Day 3
The IPO was subscribed 43.29 times as of 6:20 p.m. on Thursday, according to Chittorgarh data.
Non-institutional investors: 22.35 times.
Retail investors: 59.87 times.
SPP Polymer IPO GMP Today
The grey market premium of SPP Polymer is Rs 15 as of 3:26 p.m., implying a 25.42% gain over the IPO price, according to Chittorgarh's unit Investorgain. The estimated listing price based on the GMP is Rs 74 per share.
GMP is not an official price quote for the stock and is based on speculation.
Kfin Technologies Ltd. has been designated as the registrar for the SPP Polymer IPO, while Interactive Financial Services Ltd. is acting as the book-running lead manager. The market maker is BN Rathi Securities.
SPP Polymer IPO: Use Of Proceeds
SPP Polymer 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 Polymer: Business
SPP Polymer 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 Polymer 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.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.
