Solve Plastic Products IPO Day 3: Issue subscribed over 17 times so far, retail investors lead; check details

Solve Plastic Products IPO has received a decent response from investors, with the issue being subscribed 17.26 times so far on Friday, the final day of bidding.

The portion reserved for retail investors attracted the most bids, with a subscription of 28.63 times. The non-institutional investors (NIIs) quota fetched 5.79 times the subscription.

The IPO, which opened for subscription on August 13, will conclude on August 16. The company has set a fixed price band at ₹91 per equity share.

The initial share sale is entirely a fresh issuance of equity shares valued at ₹11.85 crore.

Retail investors can bid for at least one lot or 1,200 shares worth ₹1,09,200.

The fresh issue proceeds will be used to fund capital expenditures, including the purchase of additional plant and machinery, meeting working capital requirements, IPO expenses, and general corporate purposes.

Solve Plastic Products IPO: Timeline

• Bidding dates: August 13-August 16
• Allotment finalisation: August 19
• Refund initiation: August 20
• Demat transfer: August 20
• Listing on NSE Emerge: August 21

About Solve Plastic Products

Solve Plastic Products Limited is a leading manufacturer of UPVC pipes and rigid PVC electrical conduits. With three manufacturing facilities in Kerala and one in Tamil Nadu, the company has a dedicated team of engineers, technicians, and operators to cater to clients' diverse needs.

The pipe maker sells its products under the brand name 'Balco Pipes' and has an extensive network of 260 authorised dealers and distributors across Kerala, Tamil Nadu, and Karnataka. Its products have earned approvals from agencies like the Bureau of Indian Standards (BIS), the Military Engineer Services (MES), and the Central Public Works Department (CPWD).