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Company to issue 28.5 lakh Equity shares of Rs. 10 face value at a price of Rs. 40 per share; Propose to get list SME EMERGE Platform of NSEHighlights:-· Public issue opens for subscription from September 6 and closes on September 9· Minimum lot size for application is 3,000 shares; Minimum IPO application amount Rs. 1.2 lakh· Funds raised through the issue will be used to fund expansion plans, meeting working capital requirements for the company’s business activities and general corporate purposes· For the FY21-22 company reported revenues of Rs. 47.39 crore and Net Profit of Rs. 2.66 crore· Finshore Management Services Ltd is the lead manager of the issue.Mumbai, September 3: Packaging Solutions company Mega Flex Plastics Ltd – one of the leading manufacturers of Leno Bags used for packaging of agricultural products and Woven Fabrics is scheduled to open its Rs. 11.40 crore public issue for subscription on September 6. The company received approval to launch its public issue on the SME Emerge Platform of the National Stock Exchange. Public issue proceeds will be utilised to fund the company’s expansion plans, working capital requirements and general corporate purposes. Finshore Management Services Ltd is the lead manager of the issue. The public issue will close on September 9.The initial public offering will comprise a fresh issue of 28.5 lakh equity shares of face value Rs. 10 each at a price of Rs. 40 per share (including a premium of Rs. 30 per equity share), aggregating Rs. 11.40 crore. The minimum lot size for the application is 3,000 shares which translate into Rs. 1.2 lakh per application. Retail allocation for the IPO is 50% – 13.53 lakh shares totalling Rs. 5.70 crore.Company’s Leadership team consists of Mr. Mohan Lal Parakh, Mr. Hukum Chand Bothra and Mr. Rakesh Sethia, who have several decades of experience in the field of packaging solutions.Commenting on the development, Mr. Hukum Chand Bothra, Managing Director, Mega Flex Plastics Ltd, said, “Our focus is on increasing sales volume through expansion, diversification and expanding geographical outreach. In the last few years, we have expanded our operations beyond West Bengal, and our emphasis is on catering to other states’ requirements, mainly Uttar Pradesh, Bihar, Rajasthan, Madhya Pradesh and Punjab also, apart from West Bengal. The company is also pursuing a lot of opportunities to increase its production capacity by processing fabrics into bags. With this increased production capacity, we shall also grow our client base geographically. We are hopeful that after the proposed public issue, we will be able to execute our growth strategy in a manner that creates exponential value for all stakeholders while consistently delivering quality products.”For the FY21-22 company reported total revenue of Rs. 47.39 crores, EBITDA of Rs. 4.21 crore and Net Profit of Rs. 2.66 crores. Net Worth and Reserves & Surplus of the company post issue will stand at Rs. 42.45 crore and Rs. 31.05 crores respectively. Book value per share as on 31 March 2022 is Rs. 176.99 per share. RONW, as on March 22, stands at 8.56%. Post-issue share capital of the company will increase to Rs. 10.74 crores. Promoter group holding in the company currently stands at 99.79%, which will stand at 73.32% post-issue. Shares of the company will be listed on NSE Emerge platform.Established in the year 2003, Mega Flex Plastics Ltd is primarily engaged in the manufacturing of Leno Bags which are used for packaging agricultural produce like potatoes, onions, garlic, coconuts, fruits and vegetables. In addition to Leno Bags, our company is also manufacturing Woven Fabric and Sutli (Fibrillated Twisted Thread). The product which we majorly manufacture i.e., Leno Bags, is made from Plastic Granules and is used multiple times for storage of fruits and vegetables. Company’s brands include Lenoflex, Kisan, Kisan Regular, Goldflex, Goldflex Lite, Tiger, Tiranga, and Hena. The Lenoflex is the most preferred brand for storage of potatoes when the farmer looks for quality. Company also exportLeno Bags to European countries and our quality is well accepted there also.The company has a state-of-the-art plant for manufacturing PP Leno Bags situated at Sudha Ras Food & Poly Park (Industrial Park), Howrah, in the state of West Bengal, India. The plant is strategically located on NH-6, about 120 km from the international all-weather port of Haldia and around 30 km from Kolkata port, which gives it excellent connectivity and transport facilities.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Business :Mega Flex Plastics Ltd’s Rs. 11.40 crore public issue on NSE EMERGE platform opens for subscription on 6th September

Company to issue 28.5 lakh Equity shares of Rs. 10 face value at a price of Rs. 40 per ... ...