Purv Flexipack
Book Building issueSME₹40.21 Cr issue
+266.20%
Listing gain over issue price
Issue size
₹40.21 Cr
1 lot at cut-off
₹1,13,600
Lot size
1,600shares
Open
27 Feb 2024
Close
29 Feb 2024
Allotment
01 Mar 2024
Listing
05 Mar 2024
Listing performance
Issue price
₹71
Listed at
₹260
Listing-day close
₹247
Latest price
₹37.85
Close on 23 Oct 2026
Listing gain
+266.20%
Return since issue
-46.69%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 27 Feb 2024 – 29 Feb 2024
- Listing date
- 05 Mar 2024
- Face value
- ₹10 per share
- Issue price
- ₹71 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Total issue size
- ₹40.21 Cr
- Market cap at offer price
- ₹149 Cr
- Promoter holding
- 92.17% → 67.28% pre-issue → post-issue
- ISIN
- INE0R6C01012
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Holani Consultants Pvt.Ltd.
- Registered office
- Annapurna Apartment, Suit 1C, C, 1st Floor, 23 Sarat Bose Road, West Bengal
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 15,16,800 | — | — |
| Market maker | 3,48,800 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹71
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,13,600 |
| S-HNI (min) | 2 | 3,200 | ₹2,27,200 |
| S-HNI (max) | 8 | 12,800 | ₹9,08,800 |
| B-HNI (min) | 9 | 14,400 | ₹10,22,400 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
15,16,800
Anchor portion
₹10.77 Cr
at ₹71 per share
Valuation and performance
Valuation at offer price
₹71 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.39 | 4.10 |
| P/E (×) | 13.17 | 17.32 |
| Price to book (×) | 1.32 | — |
| Market cap | — | ₹149 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 10.84%
- ROCE
- 18.50%
- Debt / equity
- 1.62
- PAT margin
- 2.48%
- NAV per share
- ₹53.97
- Price to book
- 1.32
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Purv Flexipack
Purv Flexipack Limited, incorporated on May 11, 2005 and converted to a public limited company on August 03, 2023, engages primarily in the distribution of various plastic-based products such as Biaxially Oriented Polypropylene (BOPP) film, Polyester Films, Cast Polypropylene (CPP) films, Plastic granules, Inks, Adhesives, Masterbatches, Ethyl Acetal, and Titanium Dioxide. The company is a Del Crediere Associate (DCA) and Dealer operated polymer warehouse (DOPW) of Indian Oil Corporation Limited for their polymer division. It offers customized bulk packaging solutions to B2B manufacturers in various industries including FMCG, chemical, food products, textiles, pesticides, fertilizers, and ceramics, with strong presence and dominance in West Bengal territory. The company generates revenue through distribution and trading of these plastic-based materials to industrial customers.
Company Analysis
from DRHPPurv Flexipack Limited is a distributor of plastic-based products including BOPP films, polyester films, CPP films, granules, inks, adhesives, and masterbatches, with operations primarily in West Bengal.
Purv Flexipack Limited, incorporated on May 11, 2005 and converted to a public limited company on August 03, 2023, engages primarily in the distribution of various plastic-based products such as Biaxially Oriented Polypropylene (BOPP) film, Polyester Films, Cast Polypropylene (CPP) films, Plastic granules, Inks, Adhesives, Masterbatches, Ethyl Acetal, and Titanium Dioxide. The company is a Del Crediere Associate (DCA) and Dealer operated polymer warehouse (DOPW) of Indian Oil Corporation Limited for their polymer division. It offers customized bulk packaging solutions to B2B manufacturers in various industries including FMCG, chemical, food products, textiles, pesticides, fertilizers, and ceramics, with strong presence and dominance in West Bengal territory. The company generates revenue through distribution and trading of these plastic-based materials to industrial customers.
plastic distributionpackaging materialsFMCGchemicalfood productstextilespesticidesfertilizersceramics
Objects of the Issue
- Repayment of existing borrowings availed by our company from scheduled commercial banks Rs. 1,987.23 lakhs p.27
- Funding the working capital requirement of our Company Rs. 2,000.00 lakhs p.27
- General corporate purposes p.27
- Repayment of certain existing fund-based borrowings in full or in part availed by our company from scheduled commercial banks ₹1,987.23 Lakhs p.114
- Funding working capital requirements of our Company ₹2,000.00 Lakhs p.118
- General corporate purposes p.120
Issue Structure
- Total Issue
- Up to 68,64,000 Equity Shares aggregating up to Rs. [●] lakhs
- Fresh Issue
- Up to 68,64,000 Equity Shares aggregating up to Rs. [●] lakhs
- Offer for Sale
- NIL
- Price Band
- Rs. [●] per Equity Share (Floor Price) to Rs. [●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- Rs. 10/- per Equity Share
Business Model
Purv Flexipack Limited operates as a distributor and trading company for plastic-based products. The company sources plastic materials primarily from Indian Oil Corporation Limited (IOCL) as a Del Crediere Associate and Dealer Operated Polymer Warehouse operator, as well as from other suppliers. It then sells these products to B2B manufacturers across multiple industries. The company earns revenue from sales of these products and commissions on sales made through its DCA/DOPW arrangements with IOCL. The business model involves purchasing inventory, maintaining warehouses, extending credit to customers, and generating margins on the spread between purchase and selling prices.
Business Segments
Distribution of BOPP films, Polyester Films, CPP films, Plastic granules, Inks, Adhesives, Masterbatches, Ethyl Acetal, and Titanium Dioxide to B2B manufacturers in FMCG, chemical, food products, textiles, pesticides, fertilizers, and ceramics industries
Del Crediere Associate and Dealer Operated Polymer Warehouse (DOPW) operator for Indian Oil Corporation Limited for their polymer division, earning commissions on sales and providing storage and distribution services
Acts as Del Credere Associate (DCA) and Dealer Operated Polymer Warehouse (DOPW) for Indian Oil Corporation Limited's polymer division
Trading of plastic-based products including BOPP film, polyester films, CPP films, plastic granules, inks, adhesives, masterbatches, ethyl acetate, and titanium dioxide
Distribution and trading of Biaxially Oriented Polypropylene films used in food packaging, labeling, and lamination applications; includes HS BOPP, Matte BOPP, Glossy/Plain/Printing Grade BOPP, Tape and Textile BOPP, and Pearlised BOPP variants
Distribution and trading of plastic granules (pellets or resin) derived from virgin or recycled plastic materials; used in manufacturing of diverse plastic products across packaging, automotive, construction, electronics, and consumer goods industries
Distribution and trading of polyester films derived from polyethylene terephthalate (PET) resin; used in flexible packaging, labels, electronic displays, solar panels, and insulation materials
Distribution and trading of unoriented CPP films offering enhanced impact resistance, superior clarity, gloss, and heat resistance; used widely in medical, pharmaceutical, and flexible packaging applications
Distribution and trading of printing inks used for providing information and marketing on packaging materials; includes offset printing inks made of pigments and vehicles (oils, resins, solvents)
Distribution and trading of masterbatch - solid additives serving the purpose of coloring (color masterbatch) or enhancing other properties (additive masterbatch) of plastic materials; includes colour masterbatch and additive masterbatch variants
Distribution and trading of solventless adhesives (glue without harmful solvents) used for bonding in flexible packaging, automotive, construction, electronics, medical, and aerospace applications
Distribution and trading of ethyl acetate - a highly flammable, colorless liquid solvent used in ink production, pharmaceuticals, paints and coatings, and adhesives industries
Distribution and trading of titanium dioxide - a white pigment extensively utilized in printing inks and other applications for opacity, hiding power, and color intensity enhancement
Manufacturing (through subsidiary Cool Caps Industries Limited - 61.66% held) of wide range of plastic bottle caps and closures including plastic soda bottle caps, soft drink bottle caps, mineral water bottle caps, and juice bottle caps
Manufacturing (through step-down subsidiary Purv Ecoplast Private Limited - 100% held by Cool Caps) of multilayer flexible films and zipper lock bags with annual installed capacity of 3,600 MT for multilayer film and 162 MT for zipper pouches
Manufacturing (through step-down subsidiary Purv Technoplast Private Limited - 100% held by Cool Caps) of PET flakes through washing and cleaning line for washing, cutting and cleaning of PET bottles
Manufacturing (through step-down subsidiary Purv Packaging Private Limited - 100% held by Cool Caps) of sterilized/antimicrobial film line for all kinds of films
Distribution of Biaxially Oriented Polypropylene (BOPP) film, Polyester Films, Cast Polypropylene (CPP) films, Plastic granules, Inks, Adhesives, Laminates and related materials
Manufacturing and supplying specialized bulk packaging solutions to B2B manufacturers in Food Products, Textiles, Agro Pesticides, Basic Drugs, Cement, Chemicals, Fertilizers, Ceramics, and Steel industries
Operations as a Polymer Consignment Agent (PCA) of Indian Oil Corporation Limited and Dealer Operated Polymer Warehouse (DOPW) for polymer division
Distribution of BOPP films, Polyester Films, CPP films, plastic granules, inks, adhesives, masterbatches, ethyl acetate, and titanium dioxide to B2B manufacturers
Sale of services to customers
Manufacturing and sale of plastic-based products including BOPP/Polymer films, Shrink/CPP films, Granules, Caps & closures, Printing ink, Adhesives, Master batches, Zipper pouches, Handles, Metallised films and Ethyl Acetate
Trading business of various plastic-based products such as BOPP/Polyester films, Shrink/CPP films, Granules, Caps & closures, Printing ink, Offset, Adhesives, Master batches, Zipper pouches, Handle, Metallised films, Ethyl Acetate, and as Del Credere Associate cum consignment stockist (DCA/CS) of Indian Oil Corporation Limited
Service revenue including logistics and delivery services
SWOT Analysis
Strengths
- • Established distribution network in West Bengal with strong territorial presence(p.26)
- • Revenue growth from operations increasing substantially year-over-year(p.27)
- • Strategic partnerships with major supplier (IOCL) as Del Credere Associate and DOPW operator(p.38)
- • Growing profitability with positive PAT trend(p.27)
- • Diverse product portfolio with customization capabilities(p.125)
- • Strong financial growth trajectory(p.129)
- • Established supplier and customer relationships(p.125)
- • Positive operating cash flow generation(p.129)
- • Strategic distribution partnerships(p.62)
- • Experienced management with 30 years in the plastic industry(p.172)
- • One-stop solution for packaging materials under one roof(p.172)
- • Customization capability with advanced slitting machines(p.172)
- • Well-stocked warehouse ensuring reliable supply(p.173)
- • Strong supplier relationships and efficient supply chain(p.173)
- • Modern infrastructure with backup power systems(p.173)
- • Decades of experience in flexible packaging industry with established market presence(p.202)
- • Strong agency house presence marketing reputed brands' products(p.202)
- • Del Crede Associate and Consignment Stockist status with Indian Oil Corporation Ltd(p.203)
- • Recognition from IOCL for highest new grade sales in East Zone(p.203)
- • Diversified product portfolio across packaging materials and chemicals(p.201)
- • B2B distribution focus with strong West Bengal presence and territorial dominance(p.301)
- • Diversified product portfolio across plastic films and chemicals(p.301)
- • Authorized DOPW operator for Indian Oil Corporation Limited(p.301)
- • Multi-sector customer base providing revenue stability(p.301)
- • Revenue growth trajectory with 50.4% increase in FY2023 vs FY2022(p.282)
- • First-generation entrepreneur with 30+ years of industry experience(p.344)
- • Own warehouse with modern facilities for inventory management and logistics(p.345)
- • Strong presence and dominance in West Bengal with expansion to other states(p.344)
- • Revenue growth of 49.83% in FY2023(p.360)
- • Customized bulk packaging solutions across diverse customer base(p.344)
Weaknesses
- • High dependence on limited number of suppliers for sourcing(p.37)
- • Significant working capital gap requiring substantial external financing(p.39)
- • Substantial unsecured loans from promoters and directors subject to on-demand recall(p.45)
- • High concentration of revenue from limited customer base(p.40)
- • Potential conflicts of interest from group companies operating in similar business(p.41)
- • Multiple pending litigations and tax matters against company, promoters, directors and subsidiaries(p.42)
- • High leverage and debt burden(p.69)
- • Dependence on limited customer base(p.62)
- • Declining gross profit margins(p.129)
- • Low cash balance relative to operations(p.69)
- • Heavy dependence on top five customers(p.186)
- • Significant reliance on top five suppliers(p.186)
- • Concentrated dealer network with limited product diversification internally(p.168)
- • Operations limited to Eastern India with nascent geographic expansion(p.168)
- • Significant financial indebtedness with long-term borrowings of Rs. 5,088.48 lakhs(p.250)
- • High short-term borrowings of Rs. 7,262.50 lakhs relative to short-term assets(p.250)
- • Dependence on limited customer base through agency relationships(p.202)
- • Relatively low cash balance of Rs. 50.34 lakhs despite high debt levels(p.250)
- • Minority interest of Rs. 1,479.39 lakhs diluting parent company stake in consolidated assets(p.250)
- • High leverage with debt-to-equity ratio of 1.62 on consolidated basis(p.286)
- • Significant dependence on investment property and trading income rather than core operations(p.282)
- • Working capital constraints with current ratio declining to 1.45 from 1.95(p.291)
- • Receivables concentration with related party exposure of ₹270.43 Lakhs(p.280)
- • Unfunded gratuity liability indicating employee benefits pressure(p.273)
- • High dependence on top five customers representing 28.73% of total sales(p.345)
- • Significant debt burden with debt-to-equity ratio of 1.62(p.365)
- • High reliance on external suppliers for raw materials(p.346)
- • Top suppliers concentrated with top 5 suppliers representing 76.87% of purchases(p.371)
- • Low current ratio of 1.45 indicating potential liquidity concerns(p.365)
Opportunities
- • Expansion into new geographical markets beyond West Bengal(p.54)
- • Growing Indian plastic industry with over 2,000 exporters and 4 million employees(p.26)
- • Diversification of product portfolio and customer segments(p.52)
- • Leveraging working capital financing to expand operations and inventory(p.40)
- • Expansion into non-IOCL polymer imports(p.118)
- • Diversification into new product categories(p.119)
- • Increased packaged goods consumption driving demand(p.62)
- • Enhanced market visibility through listing(p.111)
- • Expand product portfolio with non-IOCL polymer grades(p.174)
- • Leverage existing customer base for new product transition(p.174)
- • Growing e-commerce and packaged food demand driving flexible packaging market(p.158)
- • Rising demand for sustainable packaging solutions(p.149)
- • Expansion into unexplored markets in Eastern and North-Eastern India(p.173)
- • Government support for plastic industry growth and plastic parks(p.155)
- • Geographic expansion beyond West Bengal to new states including Assam(p.253)
- • Extended DCA & CS business with IOCL to Siliguri and Bihar region(p.203)
- • Growth in B2B manufacturing segment across multiple industries(p.253)
- • Non-IOCL grade polymer import business initiated in 2023(p.203)
- • Expansion of subsidiary Cool Caps Industries Limited with NSE EMERGE listing(p.204)
- • Expansion into new geographies starting with Assam(p.301)
- • Customized packaging solutions for diverse end-user industries(p.301)
- • Growth in B2B distribution through IOC DOPW partnership model(p.301)
- • Increasing revenue from operations with 50.4% YoY growth(p.282)
- • High-growth packaging industry expanding at 22-25% per annum(p.346)
- • Expansion into new geographic markets beyond West Bengal(p.346)
- • Growth in processed foods, beverages and marine products segments(p.346)
- • Expansion of manufacturing division showing strong growth(p.357)
- • Portfolio expansion and development of new products(p.345)
Threats
- • Commodity price volatility and raw material supply disruptions(p.37)
- • Government regulations and potential bans on plastic products(p.41)
- • Intense competition from larger and smaller players in fragmented industry(p.49)
- • Customer price pressure reducing gross margins(p.49)
- • Dependence on continuation of IOCL DCA and DOPW agreements(p.38)
- • Rising interest rates affecting debt service costs and financial condition(p.50)
- • Regulatory compliance requirements including environmental and safety standards(p.45)
- • Regulatory uncertainty around GST implementation(p.61)
- • Economic slowdown impact on demand(p.62)
- • Inflation and commodity price volatility(p.62)
- • Financial market volatility and currency risks(p.64)
- • Stock price volatility post-listing(p.60)
- • Promoter share sales pressure on stock price(p.61)
- • Intense competition in fragmented plastic trading industry(p.186)
- • Price volatility and pressure from price-conscious consumers(p.186)
- • Volatility of raw material prices(p.152)
- • Regulatory push for single-use plastic bans(p.157)
- • Supply chain disruptions and logistics challenges(p.154)
- • Global economic slowdown affecting demand(p.140)
- • Complexity of plastic waste recycling and environmental regulations(p.150)
- • Regulatory changes in labour laws including pending Code on Social Security, 2020(p.198)
- • Pending implementation of multiple labour codes affecting employment and industrial relations(p.197)
- • Significant contingent liabilities including corporate guarantees of Rs. 19,380.40 lakhs(p.260)
- • Exposure to GST regulatory framework changes and indirect tax liabilities(p.199)
- • Entry tax demands pending resolution totalling Rs. 253.24 lakhs as at March 31, 2022(p.260)
- • Foreign currency exposure in import purchases of polymers and chemicals(p.308)
- • Regulatory compliance requirements under MSME Development Act(p.274)
- • Custom duty exposure on imported capital goods under EPCG Scheme(p.308)
- • Interest rate sensitivity with short-term borrowing costs rising to 8.95% p.a.(p.283)
- • Competitive pressure in polymers and chemicals distribution with multiple suppliers(p.284)
- • Volatile raw material costs including gas and petroleum products(p.346)
- • Highly competitive industry with competitors having greater resources(p.347)
- • Pricing pressure from customers affecting gross margins(p.347)
- • Risk of customer payment defaults and delays(p.347)
- • Exposure to macroeconomic slowdown in India(p.347)
- • Stringent environmental, health and safety regulations(p.347)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Purv Logistics Private Limited | Promoter | 66.17% | — |
| Rajeev Goenka | Promoter | 17.97% | — |
| Poonam Goenka | Promoter | 11.40% | — |
| Rajeev Goenka | Promoter | 17.97% | — |
| Poonam Goenka | Promoter | 11.40% | — |
| Purv Logistics Private Limited | Promoter | 66.17% | — |
| Sajan Kumar Rajeev Kumar HUF | Promoter Group | 2.67% | — |
| Rajeev Goenka HUF | Promoter Group | 1.79% | — |
| Rajeev Goenka | Promoter | — | — |
| Niraj Kumar Goel | Shareholder (transferred shares on January 31, 2023) | — | — |
| Rajeev Goenka | Promoter | 17.97% | — |
| Poonam Goenka | Promoter | 11.40% | — |
| Purv Logistics Private Limited | Promoter Group | 66.17% | — |
| Purv Logistics Private Limited | Promoter | 66.17% | — |
| Rajeev Goenka | Promoter | 17.97% | — |
Leadership
Rajeev Goenka · Chairman
Vanshay Goenka · Managing Director
Poonam Goenka · Whole-Time Director
Lokesh Nahata · CFO
Shivani Marda · Company Secretary and Compliance Officer
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.
Purv Flexipack IPO FAQs
What is the lot size of Purv Flexipack IPO?
The minimum lot size of Purv Flexipack IPO is 1,600 shares. One lot costs ₹1,13,600 at the cut-off price.
When does Purv Flexipack IPO open and close?
Purv Flexipack IPO opened for subscription on 27 Feb 2024 and closed on 29 Feb 2024.
What is the listing date of Purv Flexipack IPO?
Purv Flexipack IPO listed on 05 Mar 2024.