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 is promoted by:
1. Mr. Champalal G. Parekh
2. Mr. Prakash H. Parekh
3. Mrs. Madhu P. Parekh
4. Prakash H. Parekh
The objects of the issue are:
1. Expansion of manufacturing facilities and purchase of plant and machinery for manufacturing of new product, block bottom valve bags at Nani Chirai;
2. Expansion of manufacturing facilities at Rajpur; and
3. General corporate purposes.
»» Issue Open: May 9, 2012 - May 15, 2012
»» Issue Type: 100% Book Built Issue IPO
»» Issue Size: 9,255,290 Equity Shares of Rs. 10
»» Issue Size: Rs. 74.97 - 77.74 Crore
»» Face Value: Rs. 10 Per Equity Share
»» Issue Price: Rs. 81 - Rs. 84 Per Equity Share
»» Market Lot: 75 Shares
»» Minimum Order Quantity: 75 Shares
»» Listing At: BSE, NSE
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.
Check IPO Ratings from other stock analysts.
Plastene India Limited has withdrawn its IPO due to poor response from investor.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on 15.05.12 got just 29% subscription till 5.00 pm on the last day and thus remained heavily undersubscribed and stood withdrawn.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.
|Number of Times Issue is Subscribed (BSE + NSE)|
|As on Date & Time||QIB||NII||RII||Employee||Total|
|Shares Offered / Reserved||4,600,000||1,380,000||3,220,000||55,290||9,255,290|
|Day 1 - May 9, 2012 17:00 IST||0.0000||0.1100||0.0000||0.0000||0.0200|
|Day 2 - May 10, 2012 17:00 IST||0.0000||1.6000||0.0000||0.3900||0.2400|
|Day 3 - May 11, 2012 17:00 IST||0.0000||1.6500||0.0300||0.7000||0.2600|
|Day 4 - May 14, 2012 17:00 IST||0.0000||1.7600||0.0500||0.7500||0.2800|
|Day 5 - May 15, 2012 17:00 IST||0.0000||1.7600||0.0500||0.7500||0.2900|
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