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Flexituff International’s initial public offer (IPO) was subscribed 0.84 times on Tuesday, October 04, 2011. As per the data available with the NSE, total bid of 5678520 shares were received for the issue of 6750000 shares, 2426720 bids were received at the cut-off price.
The issue closes on October 5. The company plans to raise Rs 100 crore from the said issue. It has set price band of Rs 145 - Rs 155. Collins Stewart Inga is the book running lead manager and Link Intime India is the registrar to the issue.
The issue proceeds will be used for expansion of manufacturing facilities at SEZ and DTA units at Pithampur, setting up of Dripper Project at Kashipur, working capital requirements and to meet general corporate purposes.
This issue has been graded by Credit Analysis & Research Limited as 3/5, indicating average fundamentals.
Flexituff International manufactures FIBC, Geo-Textile Fabric and Ground Cover, Reverse Printed BOPP Woven Bags, Special PP Bags including Leno Bags. These products are manufactured at three fully integrated and self-sufficient manufacturing units located in Pithampur (M.P.) and Kashipur (Uttrakhand).
It also has a recycling and reprocessing plant at Kandla which is used for recovering polypropylene and making various compounds of plastics. The step down subsidiary, Lakshmi Incorporated, U.S.A manufactures reclosable extruded zipper profile which is used as a secondary closure for 5-50 kg bags. Further, it has a R&D centre at Kashipur which is engaged in the research and development of various compounds for plastic products including engineering plastic, bio-degradable plastic and other new product developments.
Flexituff International, recently, has manufactured Trap bags for AmeriGlobe USA, who was contracted by the City of Fargo to provide Trap bag Container Barrier System for flood protection in eight Fargo City locations. It has manufactured 35 miles of 100 feet long, 4 and 6 feet tall Trap bags chains, which have been air freighted to different flood locations at Fargo, North Dakota and Lafayette, Los Angeles for Red river and Mississippi river.
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