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.
Company Promoters:The company is promoted by:1. Mr. Champalal G. Parekh2. Mr. Prakash H. Parekh3. Mrs. Madhu P. Parekh4. Prakash H. Parekh
Objects of the Issue: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; and3. General corporate purposes.
»» Issue Open: May 9, 2012 - May 15, 2012
Plastene India Limited IPO Grading
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.
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Plastene IPO Reviews:
Plastene India Limited IPO Withdrawn
Plastene India Limited has withdrawn its IPO due to poor response from investor.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.
Plastene India stands withdrawn
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on 15.05.12 got just 29% subscription till 5.00 pm on the last day and thus remained heavily undersubscribed and stood withdrawn.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.
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Plastene IPO Rating
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Plastene IPO Messages (Plastene IPO Comments)
finally i am happy at awakening of indian investors ,these greedy promoters, merchant advisors should be punished in such manners. even GOI is also fooling people by offering high priced equity.last example being MCX trading below offer price .
I had said already on may-07 that this ipo may be withdrawn like samvardhan.Investors being saved from being caught.
Book Running Lead Manager to the issue has informed the Exchange that the Book Building issue of Plastene India Limited has been withdrawn.
Hehehehe IPO!!!! Good response retail!!! this is a good lesson for those blood suckers....
IPO subscription is being managed by the promoters that is why subscription only in non institutional investor quota.
Despite murky situation for primary market, after Plastene IPO we have two more IPOs opening shortly. Monarch Healthcare is a small issue of Rs. 12 crore for BSE-SME platform listing and is having a fixed price of Rs. 40 per share. Issue opens on 12.05.12 and will close on 16.05.12. The NAV is boosted with promoter's placement at higher price, but company has yet to start operations. The other IPO is of Speciality Restaurant that opens on 16.05.12 and closes on 18.05.12. However, based on total size, issue is likely to be priced around Rs. 150, which appears to he on higher side.
One more junk. This may go up in the short time but over a period of time, this is going to be another varun industires or vaswani.
CM rating 35/100 .. doubt what company is thinking when coming out ?
if any brokerage recommendation available please post here with the appropriate link.
CLEAR CUT AVOID ELSE LOOSE MONEY
This ipo might be withdrawn too like samvardhan it seems. One must stay away from this ipo as the price may come to Rs.40.
today market is down to 5000 index why waste time in applying in this ipo
PLEASE AVOID IT AS FUNDAMENTALS ARE NOT GOOD
ANOTHER IPO ????