Barflex Polyfilms IPO sees 141 times subscription on final day, check allotment & listing dates

Barflex Polyfilms IPO

Barflex Polyfilms' initial public offering garnered strong interest from investors, subscribing 140.79 times on January 15, the final day of bidding. The issue was opened subscription on January 10.

The flexible packaging materials maker intends to raise Rs 39.42 crore through its 65.69 lakh equity shares at the upper end of price band of Rs 57-60 per share. The IPO comprises of fresh issuance of 20.53 lakh shares worth Rs 12.32 crore, and an offer-for-sale of 45.16 lakh shares valued at Rs 27.1 crore.

Investors subscribed for 66.17 crore equity shares against the offer size of 47 lakh shares via 1.16 lakh applications, the subscription data available on the NSE showed.

Non-institutional investors remained at the top to boost the IPO subscription, bidding 373.4 times their allotted quota, followed by retail investors who bought 98.5 times their reserved portion. The part set aside for qualified institutional buyers was booked 78.1 times.

The New Delhi-based company that manufactures COEX films, laminates, and labels for several industries such as FMCG, adhesives, engineering applications, pharmaceuticals, cosmetics, and construction has already mopped up Rs 11.21 crore by allocating 18.68 lakh shares to institutional investors via anchor book.

The fresh issue proceeds will be utilised for the purchase of additional plant and machinery, and general corporate purpose, while the offer-for-sale money will go to promoters Jaiwant Bery and Nomita Bery, the selling shareholders.

The company in consultation with merchant bankers will finalise IPO shares allotment by January 16. Investors can start trading in Barflex Polyfilms shares on the NSE Emerge, effective January 20.

The sole book running lead manager handling the public issue is Almondz Financial Services.