The SPP Polymers IPO is set as a fixed price offering, raising ₹24.49 crores entirely through a fresh issue of 41.5 lakh shares. Subscription for the IPO begins on September 10, 2024, and closes on September 12, 2024. The allotment is anticipated to be finalized by Friday, September 13, 2024, with the listing on NSE SME scheduled for Tuesday, September 17, 2024.
The IPO is priced at ₹59 per share. Retail investors need to invest a minimum of ₹118,000 for 2,000 shares, while HNIs must apply for a minimum of 4,000 shares, requiring ₹236,000. Interactive Financial Services Ltd serves as the lead manager, with Kfin Technologies Limited as the registrar and B.N. Rathi Securities as the market maker for the issue.
Below are the details of SPP Polymer Limited IPO Details, Timeline, Lot Size, Anchor Investor, and Promoter Holding.
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SPP Polymer IPO Details
| IPO Date | September 10, 2024 to September 12, 2024 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price | ₹59 per share |
| Lot Size | 2000 Shares |
| Total Issue Size | 4,150,000 shares (aggregating up to ₹24.49 Cr) |
| Fresh Issue | 4,150,000 shares (aggregating up to ₹24.49 Cr) |
| Issue Type | Fixed Price Issue IPO |
| Listing At | NSE SME |
| Share holding pre issue | 11,241,160 |
| Share holding post issue | 15,391,160 |
| Market Maker portion | 210,000 shares |
SPP Polymer IPO Timeline
| IPO Open Date | Tuesday, September 10, 2024 |
| IPO Close Date | Thursday, September 12, 2024 |
| Basis of Allotment | Friday, September 13, 2024 |
| Initiation of Refunds | Monday, September 16, 2024 |
| Credit of Shares to Demat | Monday, September 16, 2024 |
| Listing Date | Tuesday, September 17, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 12, 2024 |
SPP Polymer IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 2000 | ₹118,000 |
| Retail (Max) | 1 | 2000 | ₹118,000 |
| HNI (Min) | 2 | 4,000 | ₹236,000 |
SPP Polymer IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| Anchor Investor Shares Offered | – |
| Market Maker Shares Offered | 2,10,000 (5.06%) |
| Other Shares Offered | 19,70,000 (47.47%) |
| Retail Shares Offered | 19,70,000 (47.47%) |
| Total Shares Offered | 41,50,000 (100%) |
SPP Polymer IPO Financial Information
| Period Ended | 30 Jun 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 | ||||||||||||||||||||||||||||||||||||
| Assets | 7,619.39 | 7,091.89 | 5,417.98 | 3,821.87 | ||||||||||||||||||||||||||||||||||||
| Revenue | 2,895.85 | 9,381.29 | 6,677.47 | 8,077.96 | ||||||||||||||||||||||||||||||||||||
| Profit After Tax | 91.33 | 99.4 | 54.42 | 28.01 | ||||||||||||||||||||||||||||||||||||
| Net Worth | 2,591.64 | 2,500.3 | 2,433.64 | 1,971.82 | ||||||||||||||||||||||||||||||||||||
| Reserves and Surplus | 1,500.27 | 1,408.93 | 2,152.61 | 1,697.22 | ||||||||||||||||||||||||||||||||||||
| Total Borrowing | 1,871.94 | 1,897.82 | 2,215.18 | 1,262.21 | ||||||||||||||||||||||||||||||||||||
| Amount in ₹ Lakhs | ||||||||||||||||||||||||||||||||||||||||
SPP Polymer IPO Review
SPP Polymer Ltd. (SPL) manufactures HDPE/PP woven fabric and bags, non-woven fabrics, and PP multifilament yarn, providing packaging solutions to B2B manufacturers across various industries. Its facility in Uttarakhand, India, has a capacity of 9125 MT for HDPE/PP woven fabric and 3600 MT for non-woven fabric. SPL’s IPO, priced at ₹59 per share, seeks to raise ₹24.49 crores. The company plans to use the proceeds for working capital, loan repayment, and general corporate purposes. Although SPL posted significant growth in Q1 FY25, concerns remain about its sustainability, making the issue appear aggressively priced.