Premium Plast IPO Subscription Hits 5.05x on Day 2 at 11:23 AM

The automotive component manufacturing company, Premium Plast Limited IPO opened for subscription on October 21, 2024, and will close on October 23, 2024. The allotment for this IPO is expected to be finalised on Thursday, October 24, 2024, with a tentative listing date on the NSE SME set for Monday, October 28, 2024.

This book-built issue aims to raise ₹26.20 crores through the issuance of 53.46 lakh shares, all of which are fresh shares. The price band for the Premium Plast IPO is set between ₹46 and ₹49 per share, with a minimum lot size of 3,000 shares. Retail investors need to make a minimum investment of ₹1,47,000.

As of October 22, 2024, 10:01 AM, Premium Plast SME IPO GMP is ₹14. 

Premium Plast IPO Subscription Status

• On October 21, 2024, Day 1, Premium Plast IPO was subscribed 3.77 times. Retail category saw a subscription of 7.27 times, QIB was 1.00 times, and NII was 0.89 times. 

• On Day 2, October 22, 2024, as of 11:23 AM, Premium Plast IPO was subscribed 5.05 times where the retail category was subscribed 9.93 times, QIB was 1.00 times, and NII was 1.08 times.

Premium Plast IPO – Objects of the Issue

The company proposes to utilise the net proceeds from the offer towards funding the following objects:

1. To expand the existing manufacturing facility at Pithampur, Madhya Pradesh and purchase of machineries
2. To fund capital expenditure requirements to set up rooftop on grid solar power plant at their existing manufacturing facility. 
3. For the prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company
4. For general corporate purpose
5. For offer related expenses

About Premium Plast Limited

Premium Plast Limited is a tier-1 automotive component manufacturer that directly supplies to original equipment manufacturers (OEMs). The company designs, manufactures, and supplies exterior plastic components, interior cabin components, and under-the-hood components to commercial vehicle OEMs. Certified with IATF-16949, ISO 9001:2015, and ISO 14001:2004, Premium Plast specialises in plastic injection and blow moulding technologies. They produce a wide range of injection and blow-moulded plastic products across various industries. The company has manufactured over 600 components across three strategically located facilities in India.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.