Solve Plastic Products Limited IPO

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

Solve Plastic Products IPO Lot Size

Solve Plastic Products IPO Objectives

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

1. Funding Capital Expenditure towards the purchase of additional plant and machinery
2. General Corporate Purpose.
3. To meet the Working Capital Requirements
4. 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.

Solve Plastic Products IPO Reservation

Solve Plastic Products IPO Timeline

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