Solve Plastic Products Limited IPO

NiftyTrader • August 12, 2024

Post Views: 1,365

Solve Plastic Products Limited IPO opens on August 13, 2024, and closes on August 16, 2024. The allotment for the Solve Plastic Products Limited IPO is anticipated to be completed on Monday, August 19, 2024. The IPO will be listed on the NSE and SME, with a tentative date set for Wednesday, August 21,2024.

The Solve Plastic Products Limited IPO’s price band is Rs 91 per share. The IPO is a book-built issue of Rs 11.85 crores, entirely a fresh issue of 13.02 lakhs shares.

Solve Plastic Products IPO Details

IPO Date	August 13, 2024 to August 16, 2024
Listing Date	[.]
Face Value	₹10 per share
Price	₹91 per share
Lot Size	1200 Shares
Total Issue Size	1,302,000 shares (aggregating up to ₹11.85 Cr)
Fresh Issue	1,302,000 shares (aggregating up to ₹11.85 Cr)
Issue Type	Fixed Price Issue IPO
Listing At	NSE SME
Shareholding pre-issue	3,066,250
Shareholding post-issue	4,368,250
Market Maker portion	66,000 shares
Offer for Sale	[.] shares of ₹10 (aggregating up to ₹0.00 Cr)

Solve Plastic Products IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	1	1200	₹109,200
Retail (Max)	1	1200	₹109,200
S-HNI (Min)	2	2400	₹218,400

Solve Plastic Products IPO Objectives

The company intends to utilize the funding for the following objectives:

Funding Capital Expenditure towards the purchase of additional plant and machinery
General Corporate Purpose.
To meet the Working Capital Requirements
To meet the Issue Expenses

About Solve Plastic Products Limited

Solve Plastic Products Limited, established in 1994, is a prominent manufacturer specializing in a wide array of uPVC pipes (unplasticized polyvinyl chloride) and Rigid PVC electrical conduits. These products are marketed under the brand name “BALCOPIPES.”

The company operates three manufacturing facilities in Kerala and one advanced manufacturing unit in Tamil Nadu. The products they produce meet the standards set by various regulatory bodies, such as the Bureau of Indian Standards (BIS). Additionally, their offerings are recognized and approved by organizations including the Central Public Works Department (CPWD) in Chennai and Kochi, the Military Engineer Services (MES), the Integral Coach Factory, the Public Works Departments (PWD) of Kerala and Tamil Nadu, as well as the Tamil Nadu Housing Board. The distribution network of the company is predominantly focused on the state of Kerala.

Solve Plastic Products Limited employs a workforce of 165 individuals, not counting the managing directors.

Solve Plastic Products Limited Financial Information

Solve Plastic Products Limited’s revenue decreased by -24.25% and profit after tax (PAT) rose by 18.47% between the financial year ending with March 31, 2024 and March 31, 2023.

Period Ended	31 Mar 2024	31 Mar 2023	31 Mar 2022
Assets	2,211.53	1,874.27	1,822.99
Revenue	4,715.73	6,225.43	5,577.89
Profit After Tax	142.48	120.27	-40.71
Net Worth	438.79	192.56	7,229,000.00
Reserves and Surplus	132.16	-110.94	-231.21
Total Borrowing	1,136.42	1,053.42	1,030.43

Solve Plastic Products IPO Reservation

Investor Category	Shares Offered
Retail Shares Offered	50% of the net offer
Other Shares Offered	50% of the net offer

Solve Plastic Products IPO Timeline

Solve Plastic Products IPO opens on August 13, 2024, and closes on August 16, 2024.

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
A 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

Conclusion

The Solve Plastic Products Limited IPO offers a compelling investment opportunity, with a price band set at Rs 91 per share and a total issue size of Rs 11.85 crores. The company, known for its quality uPVC pipes and electrical conduits, plans to use the funds for capital expenditure, general corporate purposes, and working capital needs. With a strong presence in Kerala and a diverse range of regulatory approvals, Solve Plastic Products Limited shows potential for growth despite a recent dip in revenue. Investors should consider this IPO for a balanced portfolio addition.