Premium Plast Limited to Launch IPO, Eyes Rs 26.20 Crore on NSE Emerge

Premium Plast Limited plans to launch an IPO on October 21, 2024, aiming to raise Rs 26.20 Crore by issuing 53,46,000 shares on NSE Emerge. The funds will expand facilities and enhance operational efficiency. The IPO closes on October 23, 2024, with Khandwala Securities as the manager.

Premium Plast Limited, a renowned Tier-1 supplier of automotive components, is set to open its Initial Public Offering (IPO) on October 21, 2024. This strategic move aims to garner Rs 26.20 Crore through the issuance of 53,46,000 equity shares, valued at Rs 10 each, on the NSE Emerge platform.

The company will allocate shares to various categories: up to 5,10,000 for Qualified Institutional Buyers, not less than 22,83,000 for Non-Institutional Investors and Retail Individual Investors, with the Market Maker securing 2,70,000 shares. The IPO funds are earmarked for expanding the Pithampur facility, acquiring machinery, setting up a Rooftop Solar Power Plant, repaying loans, and general corporate purposes.

Chetan Dave, Promoter and Managing Director, emphasized the IPO as a pivotal milestone, enhancing opportunities for production expansion and sustainability. Rinav Manseta from Khandwala Securities highlighted the company's ability to meet market demands in a dynamic automotive industry. The public offering concludes on October 23, 2024.

(With inputs from agencies.)