Bluplast Industries files DRHP for Rs 60-cr IPO

Bluplast Industries, a manufacturer of plastic products, is planning to raise Rs 60 crore through initial public offering. It has filed draft red herring prospectus with market regulator SEBI.

Company is engaged in the manufacturing and marketing of plastic thermoware, vacuumware, insulatedware, kitchenware, household, utility and PET products. It sells its products under the brand name "Bluplast" and has has a current installed capacity of 12,100 MTPA.

Bluplast (with an outlay of Rs 39.74 crore) is setting up additional manufacturing facility for the manufacturing of plastic injection moulding products with an installed capacity of 7,900 MTPA in and around Vapi, Bhilad and Pradi, Distt. Valsad, Gujarat. It is also diversifying by setting up a manufacturing facility for the production of non-stick cookware and pressure cookers. Its proposed capacity is 6,000 units per day for non-stick cookware and 1,500 units per day for pressure cookers.

The company also wants to spend Rs 5.53 crore for brand building. It plans Rs 10 crore for additional working capital requirements

For the period of seven months ended on October 31, 2011, the company reported a net profit of Rs 2.01 crore on total income of Rs 102.88 crore. For the financial year ended on March 31, 2011, it had reported profit of Rs 85.17 lakh on total income of Rs 134.13 crore.

Unicon Capital Services Private Limited is the book running lead manager to the issue.