Silkflex Polymers Makes a Strong Debut, Stocks Climb 21% in Market Premiere!

Silkflex Polymers launched on the NSE SME at ₹60, a 15.38% premium over its ₹52 issue price, and quickly rose to ₹63, marking a 21.15% increase on its debut day.
Silkflex Polymers Makes a Strong Debut, Stocks Climb 21% in Market Premiere!

Silkflex Polymers debuted on the NSE SME at ₹60, up 15.38% from its ₹52 issue price. On May 15, 2024, the stock swiftly climbed to ₹63, reflecting a 21.15% increase from the issue price, marking a strong entry into the market.

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The Silkflex Polymers IPO, seeking ₹18.11 crore, offered 3,482,000 new shares at ₹52 each from May 7 to May 15, 2024, without an offer-for-sale. Subscribed 39.30 times overall, it achieved a market capitalization of ₹60.36 crore.

Silkflex trades in textile inks and wood coatings under the Malaysian Silkflex brand. Starting in 2016 and 2019, they gained the rights to distribute and sell these products in India. In 2023, a Technology Transfer Agreement allowed Silkflex India to start local production, though their manufacturing unit is still under construction and not yet operational.

Silkflex Polymers plans to use its IPO funds to acquire land in Vadodara for ₹5.53 crores, buy plant and machinery for ₹2.07 crores to boost sales and allocate ₹4.68 crores to meet growing working capital needs.

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