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.

Plastene IPO Details

IPO Opening DateMay 9, 2012
IPO Closing DateMay 15, 2012
Issue TypeBook Built Issue IPO
Face Value₹10 per equity share
IPO Price₹81 to ₹84 per equity share
Market Lot75 Shares
Min Order Quantity75 Shares
Listing AtBSE, NSE
Issue Size9,255,290 Eq Shares of ₹10
(aggregating up to ₹77.74 Cr)

Plastene IPO Lot Size

The Plastene IPO market lot size is 75 shares. A retail-individual investor can apply for up to 31 lots (2325 shares or ₹195,300).

ApplicationLotsSharesAmount (Cut-off)
Minimum175₹6,300
Maximum312325₹195,300

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.

IPO Notices

External Link

Plastene India Limited IPO Withdrawn

Plastene India Limited has withdrawn its IPO due to poor response from investor.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

Plastene IPO Subscription Status (Bidding Detail)

The Plastene IPO is subscribed 0.29x times on May 15, 2012 17:00. The public issue subscribed 0.05x in the retail category, 0.00x in the QIB category, and 1.76x in the NII category. Check Day by Day Subscription Details (Live Status)

CategoryIPO Subscription
QIB

0.00x

NII

1.76x

RII

0.05x

Employee

0.75x

Total

0.29x

Plastene IPO Prospectus

Plastene IPO Rating

68
3.1
Rating:Rated 3.1 stars

Vote Here ...

Plastene IPO Reviews / Ratings

Company Contact Information

Plastene India Limited
H.B. Jirawala House,
13, Navbharat Society,
Usmanpura, Ahmedabad 380 013

Phone: +91 79 2756 1000
Email: munmuncs@champalalgroup.com
Website: http://www.champalalgroup.com

Plastene IPO Registrar

KFintech Private Limited
   KFintech, Tower-B, Plot No 31 & 32,
   Financial District, Nanakramguda, Gachibowli,
   Hyderabad, Telangana India - 500 032.

Phone: 04067162222, 04079611000
Email: plastene.ipo@karvy.com
Website: https://karisma.kfintech.com/

Plastene IPO FAQs

  1. What is Plastene IPO?

    Plastene IPO is a main-board IPO of 9,255,290 equity shares of the face value of ₹10 aggregating up to ₹77.74 Crores. The issue is priced at ₹81 to ₹84 per equity share. The minimum order quantity is 75 Shares.

    The IPO opens on May 9, 2012, and closes on May 15, 2012.

    KFintech Private Limited is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

  2. When Plastene IPO will open?

    The Plastene IPO opens on May 9, 2012 and closes on May 15, 2012.

  3. What is the lot size of Plastene IPO?

    Plastene IPO lot size is 75 Shares and the minimum order quantity is 75 Shares.

  4. How to apply for Plastene IPO?

    You can apply in Plastene IPO online using either UPI or ASBA as 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 apply IPO online through Zerodha, Upstox, 5Paisa, Edelweiss, ICICI Bank, HDFC Bank and SBI Bank.

  5. When Plastene IPO allotment?

    The finalization of Basis of Allotment for Plastene IPO will be done on [.], and the allotted shares will be credited to your demat account by [.]. Check the Plastene IPO allotment status.

  6. When is Plastene IPO listing date?

    The Plastene IPO listing date is not yet announced. The tentative date of Plastene IPO listing is [.].

Plastene IPO Message Board

Ranked Members  Ranked Members

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16. rajesh narang |May 17, 2012 19:39
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 11:27
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 18:22
IPO Mentor IPO Mentor (500+ Posts, 100+ Likes)
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 14:45
IPO Mentor IPO Mentor (500+ Posts, 100+ Likes)
Hehehehe IPO!!!! Good response retail!!! this is a good lesson for those blood suckers....
12. gundu anna |May 13, 2012 08:43
IPO Mentor IPO Mentor (500+ Posts, 100+ Likes)
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 12:30
IPO subscription is being managed by the promoters that is why subscription only in non institutional investor quota.
10. Dilip Davda |May 11, 2012 08:45
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.

Dilip Davda
SEBI registered Research Analyst
Mumbai

Read my IPO Reviews

9. GOEL BERIWALA |May 9, 2012 17:57
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 06:21
IPO Mentor IPO Mentor (500+ Posts, 100+ Likes)
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 15:11
Top Contributor Top Contributor (400+ Posts)
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 20:46
IPO Mentor IPO Mentor (500+ Posts, 100+ Likes)
if any brokerage recommendation available please post here with the appropriate link.
5. Investors Friendly |May 7, 2012 16:49
CLEAR CUT AVOID ELSE LOOSE MONEY
4. marketmint |May 7, 2012 12:16
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 10:39
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 15:40
PLEASE AVOID IT AS FUNDAMENTALS ARE NOT GOOD
1. A LA |May 6, 2012 14:19
ANOTHER IPO ????







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