The initial public offer (IPO) of Solve Plastic Products received bids for 26,46,000 shares as against 13,02,000 shares on offer, as per NSE data as of 17:00 hours on Tuesday (13 August 2024). The issue was subscribed 2.03 times.

The issue opened for bidding on Tuesday (13 August 2024) and it will close on Friday (16 August 2024). The price of the IPO is fixed at Rs 91 per share. The minimum order quantity is 1,200 equity shares. The equity shares will list on NSE’s SME platform.

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

About 66,000 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 12,36,000 equity shares. The issue and the net issue will constitute 29.81% and 28.30%, respectively of the post offer paid up equity share capital of the company.

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.