NSE SME Solve Plastic Products lists at decent premium

The scrip was listed at Rs 102, a premium of 12.09% over the initial public offer (IPO) price. The stock was frozen in its upper limit of 5% over its listing price.

The counter hit a high of Rs 107.10 and a low of Rs 102. About 4.12 lakh shares of the company changed hands at the counter.

Solve Plastic Products' IPO was subscribed 32.27 times. The issue opened for bidding on 13 August 2024 and it closed on 16 August 2024. The price of the IPO was set at Rs 91 per share.

The IPO comprised fresh issue of 13,02,000 shares. The promoter and promoter group shareholding diluted to 63.33% from 90.22% pre-IPO.

The company intends to utilize the net proceeds for funding of capital expenditure towards purchase of additional plant & machinery, working capital requirements, issue related expenses and for general corporate purpose.

Solve Plastic Products engaged in manufacturing of comprehensive range of uPVC (Unplasticized Polyvinyl Chloride) Pipes and Rigid PVC Electrical Conduits. It has 3 (three) well-equipped manufacturing facility at Kerala and 1 (one) well-equipped manufacturing facility at Tamil Nadu. The company markets its products under the brand name of BALCOPIPES, through its network of Authorized Dealers/Distributors. The company has 180 employees.

The company recorded revenue from operations of Rs 46.19 crore and net profit of Rs 1.42 crore for the period as on 31 March 2024.