Solve Plastic Products IPO is a fixed price issue of Rs 11.85 crores. The issue comprises of fresh issue of 13.02 lakh shares and offer for sale worth Rs 0.00 crore.
Solve Plastic Products IPO opens for subscription on August 13, 2024 and closes on August 16, 2024. The allotment for the Solve Plastic Products IPO is expected to be finalized on Monday, August 19, 2024. Solve Plastic Products IPO will list on NSE SME with tentative listing date fixed as Wednesday, August 21, 2024.
Solve Plastic Products IPO price is ₹91 per share. The minimum lot size for an application is 1200 Shares. The minimum amount of investment required by retail investors is ₹109,200. The minimum lot size investment for HNI is 2 lots (2,400 shares) amounting to ₹218,400.
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 for the issue. The market maker for Solve Plastic Products IPO is Black Fox Financial.
Refer to Solve Plastic Products IPO RHP for detailed information.
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) |
| Offer for Sale | [.] shares of ₹10 (aggregating up to ₹0.00 Cr) |
| Issue Type | Fixed Price Issue IPO |
| Listing At | NSE SME |
| Share holding pre issue | 3,066,250 |
| Share holding post issue | 4,368,250 |
| Market Maker portion | 66,000 shares Black Fox Financial |
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 (Tentative Schedule)
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 |
| 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 |
Solve Plastic Products IPO Lot Size
Investors can bid for a minimum of 1200 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1200 | ₹109,200 |
| Retail (Max) | 1 | 1200 | ₹109,200 |
| HNI (Min) | 2 | 2,400 | ₹218,400 |
| Lot Size Calculator | |||
Solve Plastic Products IPO Promoter Holding
Mr. Sudheer Kumar Balakrishnan Nair, Mr. Susil Balakrishnan Nair, and Mr. Balakrishnan Nair are the promoters of the company.
| Share Holding Pre Issue | 90.22% |
| Share Holding Post Issue | 49.87% |
About Solve Plastic Products Limited
Founded in 1994, Solve Plastic Products Limited manufactures a comprehensive range of uPVC pipes (unplasticized polyvinyl chloride) and Rigid PVC electrical conduits and markets them under the brand name “BALCOPIPES”
The company has 3 manufacturing units in Kerala and 1 well-equipped manufacturing unit in Tamil Nadu. The products manufactured are approved by various authorities like Bureau of Indian Standards (BIS) and also by organizations like the Central Public Works Department (CPWD) of Chennai and Kochi, Military Engineer Services (MES), Integral Coach Factory, Public Works Department (PWD) of Kerala and Tamil Nadu and Tamil Nadu Housing Board. The company distributes its products mainly in the state of Kerala.
The company’s product portfolio includes:
- Solvent cement
- Water tank
- Garden hoses
- Rigid PVC electrical cables PVC pipes
The company has a total of 165 employees (excluding the managing directors).
Solve Plastic Products Limited Financial Information (Restated)
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 |
| Amount in ₹ Lakhs | |||
Key Performance Indicator
The market capitalization of Solve Plastic Products IPO is Rs 39.75 Cr.
KPI as of March 31, 2024.
| KPI | Values |
|---|---|
| Debt/Equity | 0.23 |
| RoNW | 15.56% |
| P/BV | 6.36 |
| PAT Margin (%) | 9.13 |
Check Solve Plastic Products IPO Peer Comparison here.
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 3.92 | 3.24 |
| P/E (x) | 23.2 | 28.12 |
Note:
- The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2023 that is available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of December 31, 2023 that is available in RHP.
Objects of the Issue (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
- To meet the Working Capital Requirements
- To meet the Issue Expenses
- General Corporate Purposes
Solve Plastic Products IPO Review (Avoid)
[Dilip Davda] The company is operating in a highly competitive and fragmented segment. It posted inconsistency in its top lines for the reported periods. Based on FY24 super earnings, the issue appears aggressively priced. Post-IPO, small equity base indicates longer gestation period. There is no harm in skipping this pricey and “High Risk/Low Return” bet. Read detail review…
Solve Plastic Products IPO Prospectus
Solve Plastic Products Limited Contact Details
Solve Plastic Products Limited
Door No XIII/690/ABC,
Tholicode, Punalur,
Kollam – 691333
Phone: +91 99956 31001
Email: cs@balcopipes.com
Website: https://www.balcopipes.com/
Solve Plastic Products IPO Registrar
Integrated Registry Management Services Private Limited
Phone: 044 – 28140801 to 28140803
Email: smeipo@integratedindia.in
Website: https://www.integratedregistry.in/registrarstosta.aspx?od=1