Unlisted shares of Purv Flexipack Ltd are trading Rs 110 higher in the grey market, expecting a 154.93 per cent listing gain from the public issue
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Purv Flexipack IPO: The initial public offering of Purv Flexipack Ltd, which was opened on Tuesday, has received an overwhelming response from investors. Till 11:44 am on the second day of bidding on Wednesday, February 28, the Rs 40.21-crore SME IPO received 79.87 times subscription, garnering bids for 30,33,93,600 shares as against 37,98,400 shares on offer.
The Purv Flexipack IPO will be closed on Thursday, February 29, 2024. The price band of the IPO has been fixed at Rs 70 to Rs 71 per share.
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The retail category has received 129.77 times subscription and the non-institutional quota got 66.84 times subscription. The QIB quota has been subscribed 0.24 times.
The allotment of the Purv Flexipack IPO will take place on March 1, while its listing will take place on the NSE SME on March 5, 2024.
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Purv Flexipack IPO GMP Today
According to market observers, unlisted shares of Purv Flexipack Ltd are trading Rs 110 higher in the grey market as compared with its issue price. The Rs 110 grey market premium or GMP means the grey market is expecting a 154.93 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
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Purv Flexipack IPO Details
Purv Flexipack IPO is entirely a fresh issue of 56.64 lakh shares. The price band of the SME IPO has been fixed at Rs 70 to Rs 71 per share.
The minimum lot size for an application is 1600 shares. The minimum amount of investment required by retail investors is Rs 1,13,600. The minimum lot size investment for HNI is 2 lots (3,200 shares) amounting to Rs 2,27,200.
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Holani Consultants Private Limited is the book running lead manager of the Purv Flexipack IPO, while Link Intime India Private Ltd is the registrar for the issue. The market maker for Purv Flexipack IPO is Holani Consultants.
Purv Flexipack Limited’s revenue increased by 48.66 per cent and profit after tax (PAT) rose by 31.82 per cent between the financial year ending with March 31, 2023 and March 31, 2022.
