PNN
Mumbai (Maharashtra) [India], October 18: Premium Plast Limited, Tier-1 supplier of automotive components, specializing in the design, manufacture and supply of high-quality plastic parts to commercial vehicle OEMs, proposes to open its Initial Public Offering on October 21, 2024, aiming to raise Rs 26.20 Crore with shares to be listed on the NSE Emerge platform.
The issue size is Up To 53,46,000 equity shares at a face value of Rs 10 each.
Equity Share Allocation
* Qualified Institutional Buyer - Up to 5,10,000 Equity Shares
* Non-Institutional Investors - Not Less than 22,83,000 Equity Shares
* Retail Individual Investors - Not Less than 22,83,000 Equity Shares
* Market Maker - 2,70,000 Equity Shares
The net proceeds from the IPO will be utilized for expansion of existing Pithampur manufacturing facility, purchase of machineries, funding of capital expenditure requirement for company towards set up of Rooftop on Grid Solar Power Plant, repayment of loan, the general corporate purpose and issue expenses. The issue will close on October 23, 2024.
The Book Running Lead Manager to the Issue is Khandwala Securities Limited, The Registrar to the Issue is Bigshare Services Private Limited.
Chetan Dave, Promoter and Managing Director, of Premium Plast Limited expressed, "As the company approaches a transformative chapter with its upcoming IPO, we proudly reflect on the milestones that have shaped our journey. We design, manufacture, and supply high-quality plastic components across diverse industries, including commercial vehicles, industrial applications, packaging, and solar solutions.
The decision to go public marks a pivotal milestone, unlocking opportunities for expanded production, enhanced operational efficiencies, and continued investment in sustainability. This IPO not only highlights the company's strong foundation but also sets the stage for future growth, creating long-term value and reaffirming our commitment to excellence in manufacturing."
Rinav Manseta, Associate Director of Khandwala Securities Limited said, "Premium Plast Limited's upcoming IPO represents a significant milestone, empowering the company to accelerate growth and drive innovation. In a rapidly evolving automotive industry, this move will enhance their ability to capitalize on emerging opportunities. With a strong track record of delivering high-quality plastic components for commercial vehicle OEMs, the company is well-positioned to meet the increasing market demand.
The fund raised from the IPO will enable us to expand our manufacturing facilities, increase production capacity, and strengthen our financial position for sustainable growth. We are excited about the potential this venture holds and are confident in our ability to navigate industry trends for ongoing success."
(ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)