Three M Paper Boards shares list at 10% premium on BSE SME

Three M Paper Boards made a muted debut on the BSE SME platform on Monday, with its shares listing at a premium of 10% against the issue price of ₹69 apiece.

The stock opened for trading at ₹76 apiece, reflecting a 10.14% premium compared to the issue price. It rose further to hit a high of ₹79.80 per share as the opening trade progressed.

In early deals, more than 10.64 lakh shares of the company changed hands on the BSE SME platform. The company's market valuation stood at ₹146.2 crore.

Three M Paper Boards IPO details

The IPO closed for subscription on July 16. Ahead of the IPO listing, Three M Paper Boards allotted shares to successful bidders on July 18 and issued refunds to non-allottees of shares on the next day. Shares were credited to Demat accounts of successful bidders on July 19.

During the three-day subscription window, the issue was booked over 171 times, receiving bids for 65.8 crore shares. Non-institutional investors (NIIs) booked their portion 285 times, with applications coming in for 23.45 crore shares. Retail investors' quota was subscribed 175 times with application for 33.63 crore shares. Qualified institutional buyers (QIBs) booked their segment over 79 times, with bids for 8.7 crore shares.

Three M Paper Boards IPO was a book-building issue to raise ₹39.83 crore. The initial public offering was a completely fresh issue of 57.72 lakh shares with a face value of ₹10 each. The IPO opened for public subscription on July 12 and closed on July 16, 2024.

The IPO price band was fixed at ₹67 to ₹69 per share. The minimum lot size for an application was 2,000 shares, and the minimum amount of investment for retail investors was ₹1,38,000.

Comfort Securities Limited served as the book-running lead manager for the Three M Paper Boards IPO. Bigshare Services Pvt Ltd acted as the registrar for the issue. Comfort Securities was the market maker for the IPO.

The company's promoters —Hitendra Dhanji Shah, Prafulla Hitendra Shah, and Rushabh Hitendra Shah—collectively held 100% of the company's shares before the IPO. However, following the issue, their shareholding will stand at 70%.

Set up in July 1989, Three M Paper Boards Ltd manufactures recycled paper-based duplex board products for packaging applications across multiple industries. The Maharashtra-based company's manufacturing facility has a total capacity of 72,000 TPA.