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Plastene India Limited IPO (Plastene IPO) Detail

May 9, 2012 - May 15, 2012        
  
   

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. Parekh
2. Mr. Prakash H. Parekh
3. Mrs. Madhu P. Parekh
4. 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; and
3. General corporate purposes.

Issue Detail:

  »»  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

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.

Check IPO Ratings from other stock analysts.

Plastene IPO Reviews:

  1. Dilip Davda says 'Avoid' to Plastene India Limited IPO
  2. K.M. Global Financial Services Ltd says 'Avoid' to Plastene India Limited IPO

IPO Notices

Plastene India Limited IPO Withdrawn

Plastene India Limited has withdrawn its IPO due to poor response from investor.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.

Issue Subscription Detail / Current Bidding Status

Number of Times Issue is Subscribed (BSE + NSE)
As on Date & TimeQualified Institutional Buyers (QIBs)Non Institutional Investors (NIIs)Retail Individual Investors (RIIs)Employee ReservationsTotal
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 

Plastene IPO News Alerts

  1. Tuesday, May 15, 2012 8:56:13 AM
    Plastene India Limited IPO Withdrawn
  2. Sunday, May 6, 2012 12:11:44 AM
    Upcoming IPO - Plastene India Limited

Plastene IPO Rating

   Rating: 3.1
68
3.1
Rating:Rated 3.1 stars

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Plastene IPO Prospectus

Company Contact Information

Registered Office :
    H.B. Jirawala House,
    13, Navbharat Society,
    Usmanpura, Ahmedabad 380 013
Phone: +91 79 2756 1000
Fax: +91 79 2755 1764
Email: munmuncs@champalalgroup.com
Website: http://www.champalalgroup.com

Plastene IPO Registrar

Karvy Computershare Private Limited   »  Report
   Karvy House, 46, Avenue 4, Street No. 1,
   Banjara Hills, Hyderabad - 500 034
   Andhra Pradesh, India

Phone: +91-40-23312454
Fax: +91-40-23311968
Email: plastene.ipo@karvy.com
Website: http://karisma.karvy.com

Plastene IPO Lead Manager(s)


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Plastene IPO Messages (Plastene IPO Comments)

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16. rajesh narang  May 17, 2012 8:39:50 PM IST |   Reply  |  I Like It.  Like  |  Report Abuse
rajesh narang's - IPO Comments,  Public Profile

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 .

 

15. marketmint  May 16, 2012 12:27:42 PM IST |   Reply  |  I Like It.  Like  |  Report Abuse
marketmint's - IPO Comments,  Public Profile

I had said already on may-07 that this ipo may be withdrawn like samvardhan.Investors being saved from being caught.

 

14. gundu anna  May 15, 2012 7:22:18 PM IST |   Reply  |  I Like It.  Like  |  Report Abuse
gundu anna's - IPO Comments,  Public Profile

Book Running Lead Manager to the issue has informed the Exchange that the Book Building issue of Plastene India Limited has been withdrawn.

 

13. gundu anna  May 15, 2012 3:45:45 PM IST |   Reply  |  I Like It.  Like  |  Report Abuse
gundu anna's - IPO Comments,  Public Profile

Hehehehe IPO!!!! Good response retail!!! this is a good lesson for those blood suckers....

 

12. gundu anna  May 13, 2012 9:43:52 AM IST |   Reply  |  I Like It.  Like  |  Report Abuse
gundu anna's - IPO Comments,  Public Profile

Hi All,

Decided NOT to apply for plastene IPO. Now whatever the listing gain(loss), I dont care.

This is being issued at expensive valations.... There may be some circular trading and price manipulation....but dont want to take risk. Also there is nothing unique in plastic bag manufacturing to invest....

 

11. hemant kumar  May 12, 2012 1:30:43 PM IST |   Reply  |  I Like It.  Like  |  Report Abuse
hemant kumar's - IPO Comments,  Public Profile

IPO subscription is being managed by the promoters that is why subscription only in non institutional investor quota.

 

10. Dilip Davda  May 11, 2012 9:45:42 AM IST |   Reply  |  I Like It.  Like  |  Report Abuse
Dilip Davda's - IPO Comments,  Public Profile

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.

 

9. GOEL BERIWALA  May 9, 2012 6:57:20 PM IST |   Reply  |  I Like It.  Like  |  Report Abuse
GOEL BERIWALA's - IPO Comments,  Public Profile

HAI EVERYBODY,

PLEASE DO NOT APPLY OTHERWISE AT LEAST 25 % OF YOUR CAPITAL WOULD BE

ERAZED. SO IT IS BETTER TO KEEP YOUR MONEY IN BANK FIXED DEPOSIT

RATHER THAN TO APPLY IN IPO.

COMPLETELY AVOIDABLE.

 

8. gundu anna  May 9, 2012 7:21:07 AM IST |   Reply  |  I Like It.  Like  |  Report Abuse
gundu anna's - IPO Comments,  Public Profile

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.

Let us wait see some brokerage recommendation to decide to apply or not.

As of now, my decision is not to apply. If any change in this view, I will keep u updated...

 

7. bangalore king  May 8, 2012 4:11:37 PM IST |   Reply  |  I Like It.  Like  |  Report Abuse
bangalore king's - IPO Comments,  Public Profile

CM rating 35/100 .. doubt what company is thinking when coming out ?

The company's total consolidated net sales for FY 2011 have increased by 55% to Rs 484.43 crore. Of this, consolidated net sales of traded products increased by 65.37% to Rs 174.56 crore. The growth in domestic sales was 73% in FY 2011, while the growth in export sales was 34%. Out of total net sales, revenue from jumbo bags is Rs 129.81 crore (27% of sales), woven sack, fabric & tarpaulin is Rs 149.7 crore (31% of sales), multi-layer films & bags is Rs 57.91 crore (12% of sales), fillers, master batches, webbings, multi filament yarn is Rs 17.53 crore (4% of sales) and trading of granules is Rs 122.6 crore (26% of sales). The operating profit margin has gone down by 180 basis points to 10.1%. The net profit was up by 62% to Rs 21 crore.

The company's consolidated net sales for ten months ended January 2012 stood at Rs 382.51 crore. Out of total net sales, revenue from jumbo bag is Rs 135.98 crore (36% of sales), woven sack, fabric & tarpaulin is Rs 107.44 crore (28% of sales), multi layer films & bags is Rs 52.3 crore (14% of sales), Fillers, master batches, webbings, multi filament yarn is Rs 10.3 crore (3% of sales) and trading of granules is Rs 75.6 crore (20% of sales). The operating profit margin stood at 10.6%. The net profit stood at Rs 10.95 crore.

At a price band of Rs 81 to Rs 84 per equity share of Rs 10 face value, the P/E at the lower band works out to 13.27 times and at upper band it works out to be 13.76 times the EPS of Rs 6.1 for FY 2011 (on post-IPO equity). In packaging sector, the companies such as Jumbo Bag, Neo Corp International, Emmbi Polyarns, Flexituff International, Uflex and Karur KCP Packagings are trading at a PE of 16.7x, 7.1x, 7.8x, 21.8x, 1.1x and 3.5x times their respective FY 2011 earnings. Plastene India's 10-months annualized EPS works out to only Rs 3.7 (on post-IPO equity), which is discounted 22 to 23 times by the offer price band.

 

6. gundu anna  May 7, 2012 9:46:52 PM IST |   Reply  |  I Like It.  Like  |  Report Abuse
gundu anna's - IPO Comments,  Public Profile

if any brokerage recommendation available please post here with the appropriate link.

 

5. Investors Friendly  May 7, 2012 5:49:29 PM IST |   Reply  |  I Like It.  Like  |  Report Abuse
Investors Friendly's - IPO Comments,  Public Profile

CLEAR CUT AVOID ELSE LOOSE MONEY

 

4. marketmint  May 7, 2012 1:16:39 PM IST |   Reply  |  I Like It.  Like  |  Report Abuse
marketmint's - IPO Comments,  Public Profile

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.

 

3. GOOD BROKER  May 7, 2012 11:39:35 AM IST |   Reply  |  I Like It.  Like  |  Report Abuse
GOOD BROKER's - IPO Comments,  Public Profile

today market is down to 5000 index why waste time in applying in this ipo
i doubt to have any listing gains
fill money in these bags of the company only you will not loose or else loss in ipo

 

2. Investors Friendly  May 6, 2012 4:40:00 PM IST |   Reply  |  I Like It.  Like  |  Report Abuse
Investors Friendly's - IPO Comments,  Public Profile

PLEASE AVOID IT AS FUNDAMENTALS ARE NOT GOOD

 

1. A LA  May 6, 2012 3:19:57 PM IST |   Reply  |  I Like It.  Like  |  Report Abuse
A LA's - IPO Comments,  Public Profile

ANOTHER IPO ????

 

 

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