Ridiculed for dilapidated office, Boss Packaging lists at 25% premium
Boss Packaging Solutions, which was ridiculed on social media for having a dilapidated-looking office, debuted on the NSE SME platform on Friday at a premium of 25%. The stock debuted at Rs 82.5 as against an issue price of Rs 66.
Ahead of the listing, the company's shares traded with a GMP of 8% to the issue price.
The SME company sought to raise just Rs 8 crore, but received bids for over Rs 1,000 crore. Both the retail and non-retail portions of the IPO were subscribed over 100 times.
The IPO grabbed attention as many social media users flagged the company's small office space in despair. Boss Packaging claims the registered office is not owned by the company and has been obtained on leave and license basis.
«Disruption of our rights as licensee or termination of the agreements with our licensors would adversely impact our operations and, consequently, our business, financial condition and results of operations,» it said in the DRHP.
According to the DRHP, the company has just 64 employees under its wings as of March 2024.
Also Read: Travels and Rentals shares list at 37% premium over IPO price
The company will use the net proceeds from the IPO, which is entirely a fresh equity issue of 12.74 lakh shares, for purchase of machinery, funding working capital requirements and other general corporate expenses.
Boss Packaging is a manufacturer, supplier and exporter of diversified packaging machines, self-adhesive sticker labelling machine, conveyors, turntables, web sealers, electric tunnels, etc.
Its
