The initial public offering of Barflex Polyfilms has received decent response from investors till the second day of bidding, January 13, subscribing 4 times with investors buying 1.88 crore equity shares against the IPO size of 47 lakh shares.
The flexible packaging materials manufacturer approached capital markets to mobilise Rs 39.42 crore funds via public issue of 65.69 lakh shares. The IPO is a combination of fresh issue of 20.53 lakh shares, and an offer-for-sale of 45.16 lakh shares.
The price band for the book-built issue is Rs 57-60 per share.
The issue has received 7,934 applications from investors. Retail investors were at the forefront amongst them, buying 6.9 times their allotted quota, while non-institutional investors bid 3.9 times their reserved portion. Qualified institutional investors have not subscribed to the issue yet.
The New Delhi-based company that makes COEX films, laminates, and labels has raised Rs 11.21 crore via anchor book of the IPO on January 9. Holani Venture Capital Fund, Vikasa India, Abundantia Capital, Rajasthan Global Securities, and LRSD Securities were investors in the company via anchor book.
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The fresh issue money will be utilised mainly for the purchase of additional plant and machinery, and the remainder funds for general corporate purpose, while the offer-for-sale money will be received by selling shareholders.
The offer will close for subscription on January 15.
Almondz Financial Services is acting as the book running lead manager to the issue.
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