Silkflex Polymers SME IPO; Subscription Reaches 3.98 Times

Silkflex Polymers SME IPO; Subscription Reaches 3.98 Times (image: Company' website)

VoM News Desk | May 9, 2024 | 04:32 PM IST | Breaking News | Tags: IPO, Silk flex, Silkflex Polymers SME IPO | Follow on Google News

Silkflex Polymers SME IPO; Subscription Reaches 3.98 Times

Silkflex Polymers SME IPO; Subscription Reaches 3.98 Times

Key Highlights:

1. Silkflex Polymers (India) Ltd initiates IPO to raise over ₹18 crore from primary markets.
2. IPO subscription stands at 3.98 times on May 9, with bids for 1.31 crore equity shares against 33.04 lakh offered.
3. Grey market premium for Silkflex Polymers IPO at ₹12 per share, indicating 23.08% premium over IPO price.

Silkflex Polymers (India) Ltd, an SME IPO, commenced its initial public offering on May 7, aiming to raise funds exceeding ₹18 crore from the primary markets. As of May 9, the IPO subscription reached 3.98 times, garnering bids for 1.31 crore equity shares against the offered 33.04 lakh shares. Notably, retail investors heavily contributed, subscribing 6.80 times, while Non-Institutional Investors (NII) subscribed 1.16 times.

The IPO’s grey market premium (GMP) today stands at ₹12 per share, reflecting a 23.08% premium over the IPO price, trading at ₹64 apiece. Silkflex Polymers IPO, with a price band fixed at ₹52 per share, is solely a fresh issue, totaling 34.82 lakh shares. The IPO lot size is set at 2,000 shares, requiring a minimum investment of ₹104,000 from retail investors.

Silkflex Polymers India specializes in textile printing inks and water-based wood coating polymers, sourced from Silkflex Polymers Sdn. Bhd. Malaysia. With 108 textile printing ink products and 51 wood coating polymer products, the company boasts a monthly capacity of 1,000 MT. The IPO proceeds are earmarked for land acquisition, capital expenditure, working capital, and general corporate purposes. Shreni Shares Limited serves as the book running lead manager, while Bigshare Services Pvt Ltd manages IPO registrar responsibilities.

Source: Mint

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.