Shreenath Paper Products IPO allotment: Here’s how to check status on BSE, Bigshare Services

Shreenath Paper Products IPO allotment status is scheduled to be finalised on Monday, March 3, following the successful subscription. The BSE SME issue sailed through on the last day, on February 28, after witnessing tepid demand on the initial two days.

Investors awaiting the finalisation of the company's share allotment can verify the details on the BSE website. The IPO allotment status can also be checked on the portal of the issue registrar, Bigshare Services Pvt Ltd.

The company aims to raise ₹23.36 crore from the primary market through its IPO. The public offer opened for subscription on Tuesday, February 25.

The IPO was overall booked nearly two times on the last day, led by the high retail demand. The issue attracted bids for over 96 lakh equity shares against 50.28 lakh shares on offer, leading to a subscription of 1.9 times.

The Non-Institutional Investors (NIIs) quota was booked 63% with bids for nearly 16 lakh shares against 25.14 lakh shares on offer. The retail portion was subscribed 3.18 times with bids for over 80 lakh shares against 25.14 lakh shares on offer.

Steps to check Shreenath Paper Products IPO allotment status on BSE website:

• Visit the BSE IPO allotment status page at https://www.bseindia.com/investors/appli_check.aspx.
• Select ‘equity’ from the two options.
• Choose Shreenath Paper Products Ltd from the dropdown list for issue names
• Enter your application number, or PAN details.
• Click ‘Submit’ to view the status of your IPO allotment.

How to check Shreenath Paper Products IPO allotment status on Bigshare Services

• Open the IPO allotment status page on the official website of issue registrar, Bigshare Services Private Ltd: https://www.bigshareonline.com/ipo_allotment.html
• Choose any of the server links from the three options
• Select Shreenath Paper Products Ltd from the drop-down menu for company names.
• Select any one from PAN, Application Number and Beneficiary ID for verification.
• Enter the relevant details as per your selection.
• Click on the ‘Submit’ button.

Please note that the IPO allotment status will be available only after the company completes the share allocation process.

Shreenath Paper Products IPO key details

• Shreenath Paper Products IPO comprised only a fresh issue of 53.1 lakh shares, worth up to ₹23.36 crore. It did not contain any offer-for-sale (OFS) component.
• The company had fixed an issue price at ₹44 per share. The minimum lot size was 3,000 shares, requiring an investment of ₹1,32,000 by retail investors.
• The minimum investment for high-net-worth individuals (HNIs) was ₹2,64,000 for at least two lots, or 6,000 shares.
• Galactico Corporate Services Ltd is the book-running lead manager of Shreenath Paper Products IPO.
• Refunds will be processed on Tuesday, March 4, and shares will be credited to the allottees' Demat accounts on the same day.
• The company has proposed to list its shares on the BSE SME platform on Wednesday, March 5.

About Shreenath Paper Products and use of IPO proceeds

Shreenath Paper Products Ltd, founded in 2011, is a supplier of paper products. Its offerings include sublimation base paper, straw paper, cup stock paper, thermal base paper, security PSA sheets, high-strength paper, C1S and C2S papers and other products.

It serves industries such as FMCG, pharmaceuticals, textiles, e-commerce, and food and beverages, primarily in Maharashtra, Madhya Pradesh and Gujarat.

It offers paper in various grades, ranging from 24 to 350 grams per square meter, manufactured from recycled waste paper, virgin pulp and bagasse (agricultural waste).

The proceeds from the IPO will be used to meet incremental working capital requirements and serve general corporate purposes. As per its RHP, Shreenath Paper Products will allocate ₹18 crore or 77.05% of the funds generated through the IPO towards its own working capital needs, while 12.85% of the proceeds, translating to ₹2.87 crore will be utilized for its general corporate purposes.

For the April-December 2024 period of the current financial year, Shreenath Paper Products reported a revenue of ₹78.62 crore. Its net profit for the period stood at ₹2.41 crore.

In FY24, the company’s revenue dropped to ₹185.84 crore from ₹204.43 crore in FY23. The company’s net profit remained nearly flat at ₹4.39 crore against ₹4.38 crore in FY23.

Key performance indicators (FY24)