Solve Plastic Products Limited IPO And Its GMP IPO Details
| Detail | Description |
|---|---|
| IPO Date | August 13, 2024 to August 16, 2024 |
| Listing Date | - |
| Face Value | ₹ 10 per share |
| Price Band | ₹ 91 per share |
| Lot Size | 1,200 Shares |
| Total Issue Size | 13,02,000 shares (aggregating up to ₹ 11.85 Cr) |
| Fresh Issue | 13,02,000 shares (aggregating up to ₹ 11.85 Cr) |
| Offer for Sale | - |
| Issue Type | Fixed Price Issue IPO |
| Listing At | NSE SME |
| Shareholding pre issue | 30,66,250 |
| Shareholding post issue | 43,68,250 |
| Market Maker portion | 66,000 shares |
About Solve Plastic Products Limited IPO And Its GMP
Solve Plastic Products manufactures a comprehensive range of uPVC, Pipes and Rigid PVC Electrical Conduits and markets them under the brand name “BALCOPIPES”. The company is committed to constant innovations in drinking water piping solutions and electrical conduit fittings technologies to meet the constantly increasing demands. The company’s product portfolio includes Solvent cement, Water tanks, Garden hoses, Rigid PVC electrical cables and pipes.
The company has 3 (three) well-equipped manufacturing facilities in Kerala and 1 (one) well-equipped manufacturing facility in Tamil Nadu. The company has the latest technology and equipment to help produce high-quality uPVC pipes and electrical conduits of different sizes. Their manufacturing facilities are fully automated. The company also has a well-trained team of engineers, technicians, and operators who help in product production and quality control.
Issue Size: ₹11.85 crores
- Issue Composition:
- Fresh Issue: 13.02 lakh shares
- Offer for Sale: ₹0.00 crores (no shares being sold by existing shareholders)
IPO Price: ₹91 per share
Minimum Lot Size: 1200 shares
Subscription Dates: August 13, 2024, to August 16, 2024
Book Running Lead Manager: Finshore Management Services Limited
Registrar: Integrated Registry Management Services Private Limited
Company & Financials
Founded in 1994, Solve Plastic Products Limited manufactures a comprehensive range of uPVC pipes (unplasticized polyvinyl chloride) and Rigid PVC electrical conduits and markets them under the brand name "BALCOPIPES". The company has 3 manufacturing units in Kerala and 1 well-equipped manufacturing unit in Tamil Nadu. The products manufactured are approved by various authorities like the Bureau of Indian Standards (BIS) and also by organizations like the Central Public Works Department (CPWD) of Chennai and Kochi, Military Engineer Services (MES), Integral Coach Factory, Public Works Department (PWD) of Kerala and Tamil Nadu and Tamil Nadu Housing Board. The company distributes its products mainly in the state of Kerala.
- Solvent cement
- Water tank
- Garden hoses
- Rigid PVC electrical cables PVC pipes
Objectives of Solve Plastic Products IPO
The company intends to utilize the funding for the following objectives:
- 1. Funding Capital Expenditure towards the purchase of additional plant and machinery.
- 2. To meet the Working Capital Requirements.
- 3. To meet the Issue Expenses.
- 4. General Corporate Purposes.
Solve Plastic Products IPO Review
The company is operating in a highly competitive and fragmented segment. It posted inconsistency in its top lines for the reported periods. Based on FY24 super earnings, the issue appears aggressively priced. Post-IPO, a small equity base indicates a longer gestation period. There is no harm in skipping this pricey and “High Risk/Low Return” bet.
Solve Plastic Products Limited IPO And Its GMP Financial Information
Latest Revenue
3,492.14
₹ Crore
Profit After Tax
106.01
₹ Crore
Net Worth
402.32
₹ Crore
Total Borrowing
1,067.73
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Total Borrowing | ||||
|---|---|---|---|---|---|---|---|---|---|
| 31 Dec 2023 | 1,975.71 | 3,492.14 | 106.01 | 402.32 | 1,067.73 | ||||
| 31 Mar 2023 | 1,874.27 | 6,225.43 | 120.27 | 192.56 | 1,053.42 | ||||
| 31 Mar 2022 | 1,822.99 | 5,577.89 | -40.71 | 72.29 | 1,030.43 | ||||
| 31 Mar 2021 | 2,133.28 | 4,237.84 | -15.37 | 113.01 | 1,271.55 | ||||
| Amount in ₹ Crore | |||||||||
Solve Plastic Products Limited IPO And Its GMP Key Performance Indicator
| KPI | Values |
|---|---|
| Debt/Equity | 0.23 |
| RoNW | 15.56% |
| P/BV | 6.36 |
| PAT Margin (%) | 9.13 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 3.92 | 3.24 |
| P/E (x) | 23.2 | 28.12 |
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Competitive Strengths
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Solve Plastic Products Limited IPO And Its GMP IPO Timeline
| IPO Open Date | Tuesday, August 13, 2024 |
| IPO Close Date | Friday, August 16, 2024 |
| Basis of Allotment | Monday, August 19, 2024 |
| Initiation of Refunds | Tuesday, August 20, 2024 |
| Credit of Shares to Demat | Tuesday, August 20, 2024 |
| Listing Date | Wednesday, August 21, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 16, 2024 |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1200 | ₹109,200 |
| Retail (Max) | 1 | 1200 | ₹109,200 |
| HNI (Min) | 2 | 2400 | ₹218,400 |