SPP Polymers IPO Subscribed 12.04 Times On Day Two
The bidding process for the SPP Polymers IPO will end on September 12.
The initial public offering of SPP Polymers Ltd. was subscribed over 12 times on the second day of subscription. The IPO was subscribed 5.36 times on the first day of bidding on Tuesday, led by demand from retail investors.
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.
SPP Polymers IPO price is set 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.
The bidding process for the SPP Polymers IPO will end on September 12. 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 Polymers IPO Subscription Status: Day 2
The IPO was subscribed 12.04 times as of 7:15 p.m. on Wednesday.
Non-institutional investors: 2.98 times.
Retail investors: 21.11 times.
SPP Polymers IPO GMP Today
The grey market premium of SPP Polymers is Rs 15 as of 4:59 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 Polymers IPO, while Interactive Financial Services Ltd. is acting as the book-running lead manager. The market maker is BN Rathi Securities.
Use Of Proceeds
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.
Business
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.
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.
