Solve Plastic Products IPO: SME IPO subscribed over two 34 times on day 3, retail investors bid highest; Check GMP

Solve Plastic Products IPO: The initial public offering (IPO) of the small and medium-sized enterprise (SME) Solve Plastic Products Ltd was subscribed over 34 times on the third and final day of bidding. The SME IPO of the uPVC (unplasticized polyvinyl chloride) pipes manufacturer opened for subscription on Tuesday, August 13, 2024, and closed on Friday, August 16, 2024.

Solve Plastic Products IPO offers 1,302,000 shares as part of the public issue. The Kerala-based company reserved 618,000 equity shares and the same amount of shares for other groups of investors. Additionally, nearly 66,000 equity shares, or 5.07 per cent, are set aside for the market makers.
 

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Solve Plastic Products IPO Subscription Status

On the third and final day of bidding, Solve Plastic Products IPO was subscribed 34.23 times. The portion reserved for retail investors was subscribed 46.76 times, while the portion reserved for non-institutional buyers was subscribed 19.47 times. The SME IPO received 4,23,03,600 share applications against 12,36,000 shares offered on Friday.

On Tuesday, Solve Plastic Products IPO was subscribed 2.30 times. The portion reserved for retail investors was subscribed 4.18 times, while the portion reserved for non-institutional buyers was subscribed 0.42 per cent. The SME IPO received 28,39,200 share applications against 12,36,000 shares offered on Tuesday.

Solve Plastic Products IPO Details

Solve Plastic Products IPO is a fixed-price issue of ₹11.85 crore. It comprises a fresh issue of 13.02 lakh shares and an offer for sale worth ₹0.00 crore. The Solve Plastic Products IPO price is ₹91 per share. The minimum lot size for an application is 1,200 shares, meaning that investors can bid for a minimum of 1,200 shares and multiples thereof. 

The minimum investment required by retail investors is ₹109,200. The minimum lot size investment for HNI is two lots (2,400 shares), amounting to ₹218,400. The allotment for the Solve Plastic Products IPO is expected to be finalized on August 19, 2024. Solve Plastic Products IPO will list on NSE SME with a tentative listing date fixed as Wednesday, August 21, 2024.

Finshore Management Services Limited is the book-running lead manager of the Solve Plastic Products IPO, while Integrated Registry Management Services Private Limited is the registrar. Black Fox Financial is the market maker for the Solve Plastic Products IPO.

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Solve Plastic Products intends to utilize the funding for the following objectives:
-Funding capital expenditure towards the purchase of additional plant and machinery
-To meet the working capital requirements
-To meet the issue expenses
-General corporate purposes

Solve Plastic Products Company Details

Founded in 1994, Solve Plastic Products Ltd manufactures a comprehensive range of uPVC pipes and rigid PVC electrical conduits and markets them under the brand name “Balco Pipes.” Sudheer Kumar Balakrishnan Nair, Susil Balakrishnan Nair, and Balakrishnan Nair promote the company. The company has three manufacturing units in Kerala and one in Tamil Nadu. 

Authorities, such as the Bureau of Indian Standards and organizations like the Central Public Works Department of Chennai and Kochi, Military Engineer Services, and Tamil Nadu Housing Board approve the products manufactured. The company distributes its products mainly in Kerala.
 

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The company's product portfolio includes:
-Solvent cement
-Water tank
-Garden hoses
-Rigid PVC electrical cables, PVC pipes

Solve Plastic Products Limited's revenue decreased by -24 per cent, and profit after tax (PAT) rose by 18 per cent between the financial year ending with March 31, 2024 and March 31, 2023.

Solve Plastic Products IPO GMP

According to investorgain.com, Solve Plastic Products' IPO GMP today, or grey market premium, is ₹0 per share, which means the GMP has not started yet. The grey market premium indicates investors' readiness to pay more than the issue price.