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Flexituff International opens tad above issue price
Flexituff International, a leading integrated manufacturer of flexible intermediate bulk containers (FIBC), started the trade at Rs 156.90 on National Stock Exchange - above its issue price of 155 a share on Day 1.
Flexituff International , a leading integrated manufacturer of flexible intermediate bulk containers (FIBC), started the trade at Rs 156.90 on National Stock Exchange - above its issue price of 155 a share on Day 1.
At 9:37 hours IST, the share was trading at Rs 156.50, 1% higher over issue price. The stock has touched a high of Rs 157.95 in early trade.
Total traded volume on both exchanges was more than 45 lakh equity shares as against issue size of 67.5 lakh shares.
The company currently manufactures FIBC, geo-textile fabric and ground cover, reverse printed BOPP woven bags, special PP bags including leno bags. These products are manufactured at the three manufacturing units located in Pithampur (MP) and Kashipur (Uttrakhand).
Flexituff would utilize part of the fresh issue proceeds (of Rs 69.75 crore (out of total issue size of Rs 104.63 crore)) towards expansion of its manufacturing facilities at SEZ and DTA units at Pithampur and for setting up of Dripper project at Kashipur.
The issue had included offer for sale of up to 22.5 lakh equity shares by Clearwater Capital Partners (Cyprus) Limited.
