Considering the upper price band of Rs 49, the stock is expected to list at a premium of 19% over the issue price.
The IPO was entirely a fresh equity sale of 53.46 lakh shares and through the issue, the company raised about Rs 26.2 crore.
The net proceeds from the public offer will be used for the expansion of the existing manufacturing facility, funding of capital expenditure requirements, repayment of debt, general corporate purposes, and issue-related expenses.
Premium Plast is a tier-1 (tier-1 companies are companies that directly supply to original equipment manufacturers, automotive component group. It designs, manufactures and supplies, exterior plastic components, interior cabin components, under the hood components to commercial vehicle OEMs directly.
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The company manufactures a wide variety of injection and blow moulded plastic articles for a broad group of industries and applications. Its products broadly include automotive parts, plastic industrial components, and packaging components, which cater to a diverse range of industries
Premium Plast has manufactured over 600 components across three facilities strategically located in India. The company uses blow moulding and injection moulding technologies for manufacturing its products.
The global auto parts and accessories market size was valued at $697.84 billion in 2023 and is projected to reach $1,087.32 billion by 2031, with a CAGR of 5.7% during the forecast period of 2024 to 2031.
For the year ended March 2024, the company clocked total revenues of Rs 46.7 crore and net profit of Rs 1.41 crore.
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