NSE SME Bulkcorp International makes impressive market entry

The scrip was listed at Rs 130, a premium of 23.81% over the initial public offer (IPO) price. The stock is currently frozen in its upper limit of 5% over its listing price.

The counter hit a high of Rs 136.50 and a low of Rs 130. About 7.92 lakh shares of the company changed hands at the counter.

Bulkcorp International's IPO was subscribed 176.35 times. The issue opened for bidding on 30 July 2024 and it closed on 1 August 2024. The price band of the IPO was set at Rs 100 to Rs 105 per share.

The IPO comprised fresh issue of 19,78,800 equity shares. The promoter and promoter group shareholding diluted to 72.26% from 98.10% pre-issue.

The company intends to utilize the net proceeds to meet working capital requirement, funding capital expenditure and general corporate purpose.

Ahead of the Bulkcorp International on 29 July 2024, raised Rs 5.90 crore from anchor investors. The board allotted 5.62 lakh shares at Rs 105 per share to 5 anchor investors.

Bulkcorp International is engaged in manufacturing and supply of Food Grade Flexible Intermediate Bulk Container (FIBC) bags. It offers a wide range of customisable packaging solutions FIBC bags (Jumbo Bags) which come in eight variations and container liners. It caters to the requirements of crucial industries such as agriculture, chemical, construction, food, pharmaceutical, and mining. Its customer base is spread across the globe with presence in countries like United States of America, Canada, United Kingdom, South Africa, Ivory Coast, South Korea, Spain, Europe, Egypt etc. As on 31 May 2024, the company has total 195 employees.

The company recorded revenue from operations of Rs 45.18 crore and net profit of Rs 3.55 crore for the period as on 31 March 2024.