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Plastene India IPO is a book build issue .
Plastene India IPO bidding started from May 9, 2012 and ended on May 15, 2012.
Plastene India IPO price band is set at ₹81.00 to ₹84.00 per share . The lot size for an application is 75. The minimum amount of investment required by an retail is ₹6,075 (75 shares). The lot size investment for sNII is 32 lots (2,400 shares), amounting to ₹2,01,600, and for bNII, it is 159 lots (11,925 shares), amounting to ₹10,01,700.
Motilal Oswal Investment Advisors Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
Refer to Plastene India IPO RHP for detailed Information.
| IPO Date | May 9, 2012 to May 15, 2012 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Issue Price Band | ₹81 to ₹84 per share |
| Lot Size | 75 Shares |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 2,64,93,189 shares |
| Share Holding Post Issue | 3,57,48,479 shares |
Plastene IPO offers 9,255,290 shares. 4,600,000 (49.70%) to QIB, 1,380,000 (14.91%) to NII, 3,220,000 (34.79%) to RII, 55,290 (0.60%) to employees. 42,933 RIIs will receive minimum 75 shares and (sNII) and (bNII) will receive minimum 2,400 shares. (in case of oversubscription)
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | - | NA |
| QIB Shares Offered | 4,600,000 (49.70%) | NA |
| NII (HNI) Shares Offered | 1,380,000 (14.91%) | |
| Retail Shares Offered | 3,220,000 (34.79%) | 42,933 |
| Employee Shares Offered | 55,290 (0.60%) | NA |
| Total Shares Offered | 9,255,290 (100%) |
Plastene India IPO opens on May 9, 2012, and closes on May 15, 2012.
| IPO Open Date | Wed, May 9, 2012 |
| IPO Close Date | Tue, May 15, 2012 |
| Cut-off time for UPI mandate confirmation | 5 PM on Tue, May 15, 2012 |
Investors can bid for a minimum of 75 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 75 | ₹6,300 |
| Retail (Max) | 31 | 2,325 | ₹1,95,300 |
| S-HNI (Min) | 32 | 2,400 | ₹2,01,600 |
| S-HNI (Max) | 158 | 11,850 | ₹9,95,400 |
| B-HNI (Min) | 159 | 11,925 | ₹10,01,700 |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
Incorporated in 1998, Plastene India Limited is Gujrat based plastics packaging manufacturer. Company is part of Champalal group based in Gandhidham.
Plastene manufactures a variety of transport and storage containers (Jumbo bags/FIBCs) for both dry and liquid (bulk) goods, woven sack product (used in Chemicals, fertilizers, cement, urea, minerals, resin, polymers and rubber industry), variety of laminates (solvent less / solvent based) structures for food and non-food applications and wide range of high tenacity Polypropylene Multifilament yarn – dope dyed.
Plastene has four manufacturing facilities in India located at Gandhidham, Rajpur and Rakanpur in Gujrat. Plastene exports to around 30 countries and derives close to 49% sales from international customers.
The Company Plastene IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|---|
| 1 | Expansion of manufacturing facilities and purchase of plant and machinery for manufacturing of new product, block bottom valve bags at Nani Chira | 49.35 |
| 2 | Expansion of manufacturing facilities at Rajpur | 28.07 |
| 3 | General Corporate purposes | |
| 4 | Public Issue Expenses |
[Dilip Davda] <p>Considering the current market status and higher asking price, <strong>it is better to stay away from this issue</strong>.</p> Read detail review...
ICRA has assigned an IPO Grade 3 to Plastene India Ltd IPO. This means as per ICRA, company has 'Average Fundamentals'. ICRA assigns IPO grading on a scale of 5 to 1, with Grade 5 indicating strong fundamentals and Grade 1 indicating poor fundamentals. Read Plastene India Ltd IPO Grading Report.
Plastene India Limited has withdrawn its IPO due to poor response from investor.
Plastene India public issue subscribed 0.2900 times on its final day of subscription. NII quota of the IPO subscribed most with bids received for 176% shares. The response in QIB and Retail Individual (RII) was worst. IPO didn't recieve a single bid in QIB quota.
Dilip Davda (May 15th, 2012)
Plastene India IPO that opened on 09.05.12 and was to close on 15.05.12 got just 29% subscription till 5.00 pm on the last day and thus remained heavily undersubscribed and stood withdrawn. Surprisingly, the subscription pattern has once again raised eyebrows with QIB (0%), HNI (1.76 times) Retail (0.6%) and Employees (0.75%). For this it is said that with some operators having good HNI clients, the issue was subscribed by 1.76 times with under the table deal and for employees portion, company managed to got 75% subscription with loans given to employees, but as far as QIBs concerned, they stayed away from bidding in this offer. We always see that merchant bankers say that they discover the price band from the feedbacks received from this lot for whom the IPO is reserved upto 50% of the total issue, and they only duped them. Against sheer contrast to this, Samvardhana Motherson (SMFL) IPO that got full subscription from Anchor Investors who applied at a lower price band of Rs. 115 failed to garner further response with ultimate subscription of just 38% (including Anchor portion) till the last day and stood withdrawn. Thus Plastene India is the second casualty in just a week's time indicating situation worsening day by day and secondary as well as primary markets are heading for doom.
Plastene India Ltd.
H.B. Jirawala House,
13, Navbharat Society,
Usmanpura
Ahmedabad, Gujarat, 380013
Phone: +91 79 2756 1000
Email: munmuncs@champalalgroup.com
Website: http://www.champalalgroup.com
Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: plastene.ipo@karvy.com
Website: https://ipostatus.kfintech.com/
Plastene India IPO is a main-board IPO of 0 equity shares of the face value of ₹10 aggregating up to ₹[.] Crores. The issue is priced at . The minimum order quantity is 75.
The IPO opens on May 9, 2012, and closes on May 15, 2012.
Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Plastene India IPO using UPI as a payment gateway. Zerodha customers can apply in Plastene India IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Plastene India IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Plastene India IPO opens on May 9, 2012 and closes on May 15, 2012.
Plastene India IPO lot size is 75, and the minimum amount required for application is ₹6,300.
You can apply in Plastene India IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Plastene India IPO will be done on [.], and the allotted shares will be credited to your demat account by [.]. Check the Plastene India IPO allotment status.
The Plastene India IPO listing date is not yet announced. The tentative date of Plastene India IPO listing is [.].
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