The initial public offering (IPO) of Swashthik Plascon Limited, a producer of PET preforms and bottles, has opened today with the aim to raise ₹40.76 crore. The company has set a price range of ₹80 to ₹86 per share for the three-day offering, attracting significant retail investor interest at 52% and non-institutional buyers at 38% on the first day. The IPO, which saw bids for 10,86,400 out of the offered 31,52,000 shares, is expected to close on Wednesday with a grey market premium (GMP) of +7, indicating an anticipated listing price of ₹93 per share.
Swashthik Plascon's move to go public is part of its strategy to expand its footprint in the FMCG packaging sector. Since its incorporation in 2006, the company has been serving various industries including pharmaceuticals and liquor packaging. Promoters of the IPO include Parasmal Mahendra Kumar among others.
After the closure of the IPO on Wednesday, Shreni Shares Limited is set to complete share allotment by Monday, December 4, 2023. Following allotment, Bigshare Services will begin processing refunds on Tuesday, December 5, 2023 for those investors who do not receive an allotment. Successful applicants can expect their shares to be credited to their demat accounts by Wednesday, December 6, 2023.
Looking ahead, Swashthik Plascon anticipates its shares will make their debut on the BSE SME platform on Thursday, December 7, 2023. This listing marks a significant milestone for the company as it seeks to bolster its production capabilities and tap into new market segments within the FMCG industry.
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