Flexituff International IPO will open on 29th Sept

by khalid on 23/09/2011 · 0 comments

Flexituff International limited is a Polymer products company in India. They are set to open their initial public offering (IPO) of 67, 50,000 equity shares of Rs 10 (Face Value) each.  The issue consists of a fresh issue of 45 lakhs shares and an offer sale of 22.5 lakhs share held by Clearwater Capital Partners (Cyprus) Limited.

Presently they are holding a 26.07% stake in Flexituff International limited. With this issue their stake will stand at 10.3%.

Flexituff International manufactures geo-textile fabric, flexible intermediate bulk containers (FIBC), Polyolefin Woven Sack, special PP bags of leno, BOPP woven bags etc. It has three manufacturing units situated in Kashipur (Uttrakhand) and Pithampur (MP). The company has a reprocessing and recycling plant for recovering polypropylene & plastics components. Lakshmi Incorporated, USA is a subsidiary which produces reclosable extruded zipper.

The IPO will open for subscription on Thursday, 29th September and will close on 4th October for QIB bidders. For other bidders it will close on 5th October. Flexituff International limited has fixed the price band between Rs145 -Rs155 band to raise Rs 100 Cr from its IPO. The company reported a net sales of rupees 321 crore and a net profit of Rupees 4.6 Crore in FY2010. For the half yearly results Sept 2010 the company reported revenue of Rs 268.8 Crore and bottom line of Rs 13.4 Crore. In the coming years we can expect a good growth in the Company.

“Bell the bull says: Investors can consider the stock to be a good buying opportunity.”

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