IPO Details
Bidding Dates
13 Aug '24 - 16 Aug '24
Minimum Investment
₹109,200 / 1 Lot (1,200 Shares)
Price Range
₹91
Maximum Investment
₹109,200 / 1 Lot (1,200 Shares)
Retail Discount
To be announced
Issue Size
₹11.85 Cr
Investor category and sub category
Qualified Institutional Buyers | Retail Individual Investors | Non-institutional Investor |IPO Dates
Important dates with respect to IPO allotment and listing
IPO Open Date
Aug 13, 2024
IPO Close Date
Aug 16, 2024
Basis of Allotment
Aug 19, 2024
Initiation of Refunds
Aug 20, 2024
Listing Date
Aug 21, 2024
About Solve Plastic Products Limited
Founded in 1994, Solve Plastic Products Limited is a leading manufacturer of uPVC pipes and Rigid PVC electrical conduits, marketed under the brand name "BALCOPIPES." The company operates four manufacturing units, three in Kerala and one in Tamil Nadu. The products are widely approved by prestigious organisations such as the Bureau of Indian Standards (BIS), Central Public Works Department (CPWD), Military Engineer Services (MES), and several state public works departments.
With a robust network of 260 authorised dealers across Kerala, Karnataka, and Tamil Nadu, Solve Plastic Products Limited is recognised for its commitment to quality, innovation, and environmental responsibility. The company’s product range includes solvent cement, water tanks, garden hoses, and various types of PVC pipes designed to meet India’s infrastructure’s growing demands.
Under the leadership of Managing Director and Promoter Mr Sudheer Kumar Balakrishnan Nair, who brings over 35 years of industry experience, the company has achieved notable accolades, including a Zero Failure License from BIS. With a strong focus on expanding its market presence and a dedicated R&D lab, Solve Plastic Products Limited continues to deliver durable and cost-effective piping solutions across southern India.
Industry Outlook:
- The Indian plastic industry employs over 4 lakh people, with 85-90% of its 30,000 processing units being small and medium enterprises.
- India’s plastic exports reached US$ 10.43 billion in FY24 (until February), with medical items and plastic pipes showing growth rates of 8.9% and 13.8%, respectively.
Solve Plastic Products Limited IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- Funding Capital Expenditure towards the purchase of additional plant and machinery
- To meet the Working Capital Requirements
- To meet the Issue Expenses
- General Corporate Purposes
Peer Details
The companies considered by Solve Plastic Products as its peers include:
- Captain Pipes Limited
- Rungta Irrigation Limited
- Dutron Polymers Limited
- AIK Pipes and Polymers Limited
How to Check the Allotment Status of the Solve Plastic Products Limited IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app
- Go to the individual order details page of the IPO that you had applied for.
- Check the IPO allotment status. As such, Angel One will notify you of your IPO allotment status via push notification, email, and SMS.
Contact Details of Solve Plastic Products Limited IPO
- Registered office: Door No XIII/690/ABC, Tholicode, Punalur, Kollam, Kerala- 691333, India
- Phone: +91 99956 31001
- E-mail: cs@balcopipes.com
IPO Financials
| Particulars | Year ending on March 31, 2024 | Year ending on March 31, 2023 | Year ending on March 31, 2022 |
|---|---|---|---|
| Revenue From Operations (in ₹ lakh) | 4,619.13 | 6,077.17 | 5,506.51 |
| Profit After Tax (PAT) (in ₹ lakh) | 142.48 | 120.27 | (40.71) |
| Cash & Cash Equivalents (in ₹ lakh) | 0.97 | 0.86 | 1.66 |
| Net Worth (in ₹ lakh) | 438.79 | 192.56 | 72.29 |
| Debt to Equity Ratio (x) | 2.83 | 6.35 | 17.02 |
| Return on Equity Ratio (x) | 0.46 | 0.40 | (0.13) |
| Return on Net Worth (RoNW) (%) | 32.47% | 62.46% | -56.32% |
| Earning Per Share (EPS)-in absolute ₹ | 4.66 | 3.96 | (1.34) |
Know before investing
Strengths
6-
Long-standing customer relationships drive revenue growth and satisfaction.
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Experienced management with over 35 years of industry expertise.
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ISO 9001:2015 and BIS-certified for superior quality assurance.
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Scalable business model with efficient resource utilisation.
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Strong supplier relationships ensure timely raw material procurement.
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Zero Failure License achievement for 3 years from BIS in 2024.
Risks
6-
Ongoing legal proceedings may adversely impact business and finances.
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Expansion delays could increase costs and affect growth prospects.
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High inventory levels strain financial resources and cash flow.
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Dependence on single supplier for 86.71% of raw materials.
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Revenue heavily reliant on a few key customers, impacting stability.
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Price-sensitive industry may challenge maintaining competitive pricing.
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Solve Plastic Products IPO FAQs
Solve Plastic Products Limited IPO is a fixed price IPO. The IPO will be open from August 13, 2024, to August 16, 2024.
The Basis of Allotment will happen on Monday, August 19, 2024.
The IPO subscription window will open on August 13, 2024.
The minimum lot size retail investors can subscribe to is 1 lot, and the lot size is 1,200 shares.
The listing date for Solve Plastic Products is Wednesday, August 21, 2024.
Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.
Initially, the bank will only block the amount in your account. The money will not be debited until the stocks are allotted to you.
You must complete the payment process by logging in to your UPI handle and approve the payment mandate.
You can submit only one application using your PAN card.
