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Flexituff International Ltd,a leading manufacturer of flexible intermediate bulk containers (FIBCs),today said it has fixed the price band between Rs 145 to Rs 155 to raise around Rs 100 crore from its initial public offer (IPO).
The company is entering the capital market with its offer for 6,750,000 equity shares,including offer for sale of up to 2,250,000 equity shares by investment firm Clearwater Capital Partners (Cyprus) Ltd,of face value of Rs 10 each,a Flexituff statement said here.
The issue opens on September 29 and closes on October 04 for QIB bidders and on October 5 for other bidders.
The company currently manufactures FIBC,geo-textile fabric and ground cover,reverse printed BOPP woven bags and special PP (polypropylene) bags.
These products are made at the firm’s three manufacturing units located in Pithampur in Madhya Pradesh and Kashipur in Uttrakhand.
Flexituff would utilise part of the IPO proceeds towards expansion of its manufacturing facilities at Pithampur and for setting up of a dripper plant at Kashipur,the release said.
Collins Stewart Inga Pvt Ltd is the sole book running lead manager to the issue.
The equity shares of the company are proposed to be listed on the Bombay Stock Exchange and National Stock Exchange.
