SPP Polymers IPO: Issue subscribed 9.87 times so far on day 2, retail investors lead; check details

SPP Polymers IPO witnessed a strong demand on the second day of bidding on Wednesday, with the initial public offering being subscribed 9.87 times.

Retail individual investors bid for 17.62 times the allotted quota, while the portion reserved for the non-institutional investor (NIIs) was subscribed 2.11 times.

SPP Polymers IPO offer size and price band

SPP Polymers IPO is worth ₹24.49 crore and consists of an entirely fresh issue of 41.5 lakh shares. The price has been fixed at ₹59 per share.

Retail investors can bid for a minimum lot size of 2,000 shares, totalling an investment of ₹1,18,000. On the other hand, high-net-worth individuals can apply for the public issue by placing bids for two lots or 4,000 shares, which translates to an investment of ₹2,36,000.

SPP Polymers IPO: Subscription window, allotment and listing date

SPP Polymers IPO subscription window opened today on Tuesday, September 10. The three-day subscription window of SPP Polymers IPO will conclude on Thursday, September 12.

SPP Polymers IPO share allotment status will likely be finalised by Friday, September 13. The initiation of refunds for non-allottees and credit of shares into the demat account of the successful bidder will take place on Monday, September 16.

SPP Polymers plans to use the funds raised via the public issue to repay loans, meet working capital requirements, and for other general corporate purposes.

Shares of SPP Polymers will be listed on the NSE SME platform, Emerge, on September 17.

Interactive Financial Services Ltd is the IPO's book-running lead manager and Kfin Technologies Limited is the registrar for the issue.

SPP Polymers: Key financials

In FY24, SPP Polymers revenue slipped by over 69% to ₹28.95 crore compared to ₹93.81 crore in FY23. It reported a net profit of ₹91.33 lakh in FY24, a drop of over 8% compared to ₹99.4 crore in FY23.

In FY24, SPP Polymers net worth grew over 3% to ₹25.91 crore compared to ₹25 crore in FY23.

About SPP Polymers Limited

SPP Polymers Limited was incorporated in 2004. The company manufactures woven fabric and bags, non-woven fabrics and bags, and multifilament yarn. It serves customers in the agro-pesticides, cement, chemical, fertilisers, and steel industries.