Purv Flexipack Ltd IPO Timeline

Purv Flexipack Ltd IPO opens on 27-Feb-2024, and closes on 29-Feb-2024. The Purv Flexipack Ltd IPO bid date is from 27-Feb-2024 to 29-Feb-2024. The Cut-off time for UPI Mandate confirmation is 12 P.M. on the next day of issue closing day.

Event Date
Purv Flexipack Ltd IPO Opening Date 27-Feb-2024
Purv Flexipack Ltd IPO Closing Date 29-Feb-2024
Basis of Allotment 01-Mar-2024
Initiation of Refunds 04-Mar-2024
Credit of Shares to Demat 04-Mar-2024
Purv Flexipack Ltd IPO Listing Date 05-Mar-2024

Purv Flexipack Ltd IPO Lot Size

Purv Flexipack Ltd IPO lot size is 1600 shares. A retail-individual investor can apply for up to 1 lots (1600 shares or 113600).

Application Lots Shares Amount
Minimum 1 1600 ₹113600
Maximum 1 1600 ₹113600

Purv Flexipack Ltd IPO Details

Purv Flexipack Ltd IPO Date 27-Feb-2024 to 29-Feb-2024
Purv Flexipack Ltd IPO Face Value Shares of ₹10 per share
Purv Flexipack Ltd IPO Price ₹70 to ₹71 per share
Purv Flexipack Ltd IPO Lot Size 1600
Issue Size Shares of ₹10 (aggregating up to ₹40.21 Cr)
Fresh Issue Shares of ₹10 (aggregating up to ₹40.21 Cr)
Offer for Sale -
Issue Type Book Building - SME
Listing At NSE - SME
QIB Shares Offered -
Retail Shares Offered -
NII (HNI) Shares Offered -
Company Promoters Purv Logistics Pvt Ltd, Rajeev Goenka, Poonam Goenka.

Objects of the Issue

The company proposes to utilise the Net Proceeds from the Fresh Issue towards funding the following objects:

  • 1 Repayment of existing borrowings availed by the company from scheduled commercial bank
  • 2 Funding the working capital requirement of the company
  • 3 General corporate purposes

Company Financials

Purv Flexipack Ltd Financial Information (Restated)

Period Ended Total Assets Total Revenue Profit After Tax
03-2023 136.23 163.91 5.52
03-2022 115.46 177.13 4.05
03-2021 113.25 106.86 3.29
Amount in ₹ Crore
  • Strong, experienced, and dedicated senior management and qualified workforce.
  • All Solution under One Roof.
  • Customization of different size of roll.
  • Service-Centric Culture.
  • Stocked up.
  • Long and Strong relationship with customers and supplier and efficient Supply Chain management.
  • Infrastructure.
  • Strong and consistent financial performance.
  • Inadequate or interrupted supply and price fluctuation of packaging materials could adversely affect its business, results of operations, cash flows, profitability and financial condition.
  • The company is highly dependent upon a limited number of suppliers. 76.32%, 80.74% and 74.79% of its Total Purchases are derived from its top 5 suppliers for the Fiscal Years ended on March 31, 2023, 2022 and 2021.
  • The company has entered into Del Credere Associate (DCA) Agreement and Del Credere Associate Operated Polymers Warehouse (DOPW) Agreement with Indian Oil Corporation Ltd. ("IOCL"). Termination or non-renewal of the Agreement or any material modification to the existing terms under such agreement adverse to its interest will materially and adversely affect the company's ability to continue its business and operations and its future financial performance.
  • The Company requires significant amounts of working capital and 82.05%, 90.51% and 90.42% of its current assets comprises of trade receivables and inventories for the Fiscal Year ended on March 31, 2023, 2022 and 2021. Its inability to meet the company's working capital requirements including failure to realise receivables and inventories may have an adverse effect on its results of operations and overall business.
  • The introduction of alternative packaging materials caused by changes in technology or consumer preferences may affect demand for its existing products, which may adversely affect the company financial results and business prospects.
  • The company derives a portion of its revenue from certain customers, and the loss of one or more such customers, the deterioration of their financial condition or prospects, or a reduction in their demand for its products could adversely affect its business, results of operations, financial condition and cash flows.
  • Its Group Companies Purv Films Private limited, Apex Flexipack Private Limited, Millenium Plastipack Private Limited, Purv Ecoplast Private limited, Purv Packaging Private limited and its Subsidiary Company Cool Caps Industries Limited, is carrying on business activities similar to its business. This may be a potential source of conflict of interest for it and which may have an adverse effect on its business, financial conditions, and results of operations.
  • There is an increased awareness towards controlling pollution and many economies including India have joined in the efforts to ban plastic product. In case any plastic packaging products traded by the company is banned in India, it could have a material and adverse effect on its business and results of operations.
  • There are pending litigations against the company, its Promoters, its Directors and its Group Companies and any adverse decision in these proceedings may render it/them liable to liabilities/penalties and may adversely affect its business, result of operations and financial conditions.
  • The company has not entered into any long-term or definitive agreements with all its customers. If its customers choose not to source their requirements from it, the company's business, financial condition and results of operations may be adversely affected.
  • Failure to manage its inventory could have an adverse effect on the company net sales, profitability, cash flow and liquidity.
  • The Company and its subsidiaries have availed unsecured loans from promoter, directors and group entities, which may be recalled on demand.
  • The company is required to maintain certain licenses, approvals, registrations, consents and permits in the ordinary course of business. Failure to obtain the requisite approvals result in non-compliance and therefore, affect its business operations, financial condition, result of operations and prospects.
  • The company is not directly subject to quality requirements however any product defect issues or failure by the manufacturer to comply with quality standards may lead to the cancellation of existing and future orders placed to it, recalls and exposure to potential product liability claims.
  • Ability to expand the customer base and develop new products and generate new sales.
  • Its lenders have charge over its movable and immovable properties in respect of finance availed by it. The company inability to meet its obligations under its debt financing arrangements could adversely affect the company business, results of operations and cash flows.
  • The Company had a negative cash flow from its operating, investing and financing activities in past three years, details of which are given below, sustained negative cash flow could impact its growth and business.
  • There may have been certain instances of non-compliance and alleged non-compliance with respect to certain regulatory filings for corporate actions taken by the Company in the past. Consequently, its may be subject to regulatory actions and penalties for any such past or future non-compliance and its business, financial condition and reputation may be adversely affected.
  • The industry segments in which the company operate being fragmented, and its face competition from other large and small players, which may affect its business operations and financial conditions.
  • The Company's failure to maintain the quality standards of the products or keep pace with the technological developments could adversely impact its business, results of operations and financial condition.
  • The orders placed by customers may be delayed, modified or cancelled, which may have an adverse effect on its business, financial condition and results of operations. Further any defaults or delays in payment by a significant portion of its customers, may have an adverse effect on cash flows, results of operations and financial condition.
  • Any increase in interest rates would have an adverse effect on its results of operations and will expose the Company to interest rate risks.
  • The company has certain contingent liabilities that have not been provided for in the Company's financials which if materialised, could adversely affect its financial condition.
  • The company does not own three warehouses used for its business. In the event, the company is unable to renew the lease/rent agreements, or if such agreements are terminated, its may suffer a disruption in its operations.
  • The company is dependent on its key management team as well as its mid-to-senior personnel and its success depends in large part upon the company's Promoters. The loss of or its inability to attract or retain such persons could materially adversely affect its business performance.
  • Failure or disruption to its Information Technology and/or business resource planning systems may adversely affect its business, financial condition, results of operations, cash flows and prospects.
  • Its inability to effectively manage its growth or to successfully implement the company's business plan and growth strategies could have an adverse effect on its business, results of operations and financial condition. The success of its business will depends greatly on the company ability to effectively implement its business and growth strategies.
  • Any inability to address changing industry standards and customer trends may adversely affect its business, results of operations and financial condition.
  • Its Promoter, Director and Group entities have provided personal guarantees to certain loan facilities availed by it, which if revoked may require alternative guarantees, repayment of amounts due or termination of the facilities.
  • Pricing pressure from customers may affect its gross margins.
  • The Company is reliant on key customers for its business and therefore any adverse developments in its relationships with the company's key customers or a significant reduction in business from any such key customer may adversely impact its results of operations, prospects and financial condition.
  • Its success is dependent on the company ability to enter and expand its network in new markets which is further dependent on its familiarity with the economic condition, customer base and commercial operations in new regions.
  • The company has in the past entered related party transactions and may continue to do so in the future.
  • Default or delay in payment by a significant portion of its customers, may have an adverse effect on cash flows, result of operations and financial conditions.
  • Its may not have sufficient insurance coverage to cover all possible losses.
  • Industry information included in this Draft Red Herring Prospectus has been derived from publicly available industry reports and/or websites. There can be no assurance that such third-party statistical, financial, and other industry information is either complete or accurate.
  • Its ability to pay dividends in the future will depend upon the company future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in its financing arrangements.
  • Certain of its Directors hold Equity Shares in the Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
  • Within the parameters as mentioned in the chapter titled 'Objects of the Issue' beginning on page 109, the Company's management will have flexibility in applying the proceeds of this Issue. The fund requirement and deployment mentioned in the Objects of this Issue have not been appraised by any bank or financial institution.
  • The company has not made any alternate arrangements for meeting its capital requirements for the Objects of the Issue. Any shortfall in raising / meeting the same could adversely affect its growth plans, operations, and financial performance.
  • Any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
  • If the company is unable to source business opportunities effectively, its may not achieve the company financial objectives.
  • The deployment of funds raised through this Issue shall not be subject to any Monitoring Agency and shall be purely dependent on the discretion of the management of the Company.
  • Its Promoters and members of the Promoter Group will continue jointly to retain majority control over the Company after the Issue, which will allow them to determine the outcome of matters submitted to shareholders for approval.
  • The company could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect its financial condition, results of operations and reputation.
  • The company has incurred indebtedness, and an inability to comply with repayment and other covenants in its financing agreements could adversely affect the company business and financial condition.
  • There are restrictions on daily / weekly / monthly movements in the price of the Equity Shares, which may adversely affect a shareholder's ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.
  • The Equity Shares have never been publicly traded, and, after the Issue, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Issue Price, or at all.
  • After this Issue, the price of the Equity Shares may be highly volatile, or an active trading market for the Equity Shares may not develop.
  • The Issue price of its Equity Shares may not be indicative of the market price of the company Equity Shares after the Issue and the market price of its Equity Shares may decline below the Issue price and you may not be able to sell your Equity Shares at or above the Issue Price.
  • You will not be able to sell immediately on Stock Exchange any of the Equity Shares you purchase in the Issue until the Issue receives appropriate trading permissions.
  • QIB and Non-Institutional investors are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting the Bid.
  • Sale of Equity Shares by its Promoter or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
  • Continue to provide one stop solution.
  • Diversification.
  • Leveraging existing Customer Base.
  • Improving the financial efficiency resulting in better cost management.
  • Procurement from other suppliers besides dealerships for better margins.
  • Customer Relationship Management.

Purv Flexipack Ltd IPO Promoter Holding

Pre Issue Share Holding 88.05%
Post Issue Share Holding 64.28%

Purv Flexipack Ltd IPO Subscription Status (Bidding Detail)

The Purv Flexipack Ltd IPO is subscribed - times on Feb 29, 2024 05:00:00 PM. The public issue subscribed - times in the retail category, - times in the QIB category, and - times in the NII category. Check Day by Day Subscription Details (Live Status)

Category QIB NII Retail Employee Total
Subscription (times) - - - - -

Purv Flexipack Ltd IPO Prospectus

Purv Flexipack Ltd IPO Listing Date

Listing Date 05 Mar 24
BSE Script 92294
Listing In NSE - SME
IPO Price ₹71
Face Value ₹10

Purv Flexipack Ltd IPO Registrar

Link Intime India Pvt Ltd

Phone: +91 22 49186200
Email: braceport.ipo@linkintime.co.in
Website: www.linkintime.co.in

Purv Flexipack Ltd IPO Lead Manager(s)

  1. Holani Consultants Pvt Ltd

FAQs on Purv Flexipack Ltd IPO

Purv Flexipack Ltd IPO, which opens for subscription from 27-Feb-2024 to 29-Feb-2024 has an issue size of ₹40.21 crore. The issue type is book building issue.

In case of pre-apply, your IPO order will be placed on the Exchange as soon as the official bidding for Purv Flexipack Ltd IPO begins. You will receive a UPI request within 24 hours after the bidding period opens.

Purv Flexipack Ltd IPO Opens for subscription from 27-Feb-2024 to 29-Feb-2024.

The lot size of Purv Flexipack Ltd is 1600 shares. Retail investors can subscribe to minimum 1 lot and maximum 1 lots. The minimum and maximum application value is ₹113600 and ₹113600 respectively.

Allotment date for Purv Flexipack Ltd is 01-Mar-2024 and refund of application amount (in case allotment is not received) will begin from 04-Mar-2024. If your allotment goes through, then shares will be credited in your Demat account by 04-Mar-2024.

The registrar for Purv Flexipack Ltd IPO is Link Intime India Pvt Ltd. You can check your IPO allotment status on the registrar's website.

The shares of Purv Flexipack Ltd are proposed to be listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

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