The scrip was listed at Rs 247, a premium of 90% over the initial public offer (IPO) price. The stock is currently frozen in its upper limit of 5% over its listing price.
The counter hit a high of Rs 259.35 and a low of Rs 247. About 5.56 lakh shares of the company changed hands at the counter.
Sati Poly Plast's IPO was subscribed 331.31 times. The issue opened for bidding on 12 July 2024 and it closed on 16 July 2024. The price band of the IPO was fixed at Rs 123 to Rs 130 per share.
The IPO comprised fresh issue of 13,35,000 shares. The promoter and promoter shareholding diluted to 63% from 86.30% pre-IPO.
The company intends to utilize the net proceeds for working capital requirement, general corporate purposes and public issue expenses.
Ahead of the IPO, Sati Poly Plast on 11 July 2024, raised Rs 4.92 crore from anchor investors. The board allotted 3.79 lakh shares at Rs 130 per share to 3 anchor investor.
Sati Poly Plast makes flexible packaging materials for many industries. Their facilities in Noida can produce 1080 tons of packaging material every month. As of March 31st, they employ 135 people.
The company recorded revenue from operations of Rs 179.35 crore and net profit of Rs 3.28 crore for the period as on 31 March 2024.