Purv Flexipack share price lists with strong 266% premium over the issue price, at ₹260 a piece on the NSE SME

livemint.com:

₹266 a piece on the NSE SME Purv Flexipack IPO had received strong response from the investors as was visible from 421.78 times subscription . The public issue was subscribed 448.73 times in the retail category, 157.32 times in the QIB, and 690.72 times in the NII category by February 29, 2024 The Grey market premium also indicated towards strong gains. The Purv Flexipack IPO GMP or grey market premium stood at ₹130.

This indicates Purv Flexipack share price were trading at a premium of ₹130 over the issue price in the grey market, according to investorgain.com. Considering the upper end of the IPO price band and the current premium in the grey market, Purv Flexipack IPO was expected to list at ₹201 apiece, which was 183.10% higher than the IPO price of ₹71. Also Read- Mukka Proteins IPO allotment: Here's how to check allotment status; GMP jumps ahead of listing Purv Flexipack IPO opened for subscription on Tuesday, February 27, and closed on Thursday, February 29.

Purv Flexipack IPO price band had been set in the range of ₹70 to ₹71 apiece of face value of ₹10 each. Purv Flexipack IPO lot size was 1,600 shares. Purv Flexipack IPO was a book built issue of ₹40.21 crore comprising a fresh issue of 56,64,000 equity shares with a face value of ₹10.

There was no offer-for-sale component. The company intends to use the net proceeds of the new issue to finance its objectives of meeting the company's working capital needs; financing general corporate purposes; and fully or partially repaying certain current fund-based borrowings that the company obtained from scheduled commercial banks. Also Read- Koura Fine Diamond Jewelry IPO: Check price band, issue size, GMP, other key details The main business activity of Purv Flexipack is