SPP Polymer Limited planning to raise up to Rs. 24.49 crore from public issue; IPO opens September 10

The product portfolio comprises HDPE/PP woven Fabric, HDPE/PP Woven Bags, Non-woven Fabric, non-woven Bags and Multifilament PP Yarn.

The company offers customised solutions according to its clients’ specifications. Its installed capacity of HDPE/PP Woven Fabric and bags totals 9125 MT, Non-woven Fabric 3600 MT, and Multifilament Yarn 300 MT per annum.

The company has received ISO 9001:2015, 45001:2018, 14001:2015, and SA 8000:2014 accreditation for its quality, occupational health and safety management, and environmental management systems.

The company provides packaging solutions to business-to-business (“B2B”) manufacturers catering to different industries such as cement, chemicals, food grains, sugars, polymers, agriculture, and others for the packaging of goods in large quantities.

Highlights:-

• Fresh Public issue of 41.5 lakh equity shares opens for subscription from September 10 to September 12
• The company engaged in the business of manufacturing HDPE/PP woven fabric & bags, Non-woven fabrics & bags and PP Multifilament yarn
• Minimum lot size for application is 2000 shares; Minimum IPO application amount Rs. 1.18 lakh
• Funds raised through the issue will be used to meet the working capital requirements, repayment of loans and general corporate purposes
• For Q1FY25, the company reported revenues of Rs. 28.95 crore and a Net Profit of Rs. 91.33 lakh

Interactive Financial Services Ltd is the book-running lead manager of the issue.

Business Highlights:-

The company has reported excellent operational and financial performance over the years. The Company has witnessed a multi-fold growth in revenue and profitability over the years. For FY23-24 ended March, the company reported a net profit of Rs. 99.40 lahks and revenue of Rs. 91.75 crores as compared to profitability and revenue of Rs. 54.42 lahks and Rs. 66.04 crore in FY22-23.

As of June 2024, the company’s Net Worth was reported at Rs. 25.91 crore, Reserves & Surplus at Rs. 15 crore and Asset base of Rs. 76.19 crore. As of March 2024, the ROE of the company was 8.01%, ROCE was 4.27%, and RONW was 3.98%. The company’s shares will be listed on NSE’s Emerge platform.

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