Solve Plastic Products
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 13 Aug 2024 – 16 Aug 2024
- Listing date
- 21 Aug 2024
- Face value
- ₹10 per share
- Issue price
- ₹91 per share
- Lot size
- 1,200 shares
- Issue type
- Fixed Price issue
- Total issue size
- ₹11.85 Cr
- Market cap at offer price
- ₹39.75 Cr
- Promoter holding
- 90.22% → 63.33% pre-issue → post-issue
- ISIN
- INE0U0201016
- Registrar
- Integrated Registry Management Services Pvt.Ltd.
- Lead managers
- Finshore Management Services Ltd.
- Registered office
- Door No XIII/690/ABC, Tholicode, Punalur, Kerala
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Market maker | 66,000 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹91
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,09,200 |
| S-HNI (min) | 2 | 2,400 | ₹2,18,400 |
| S-HNI (max) | 9 | 10,800 | ₹9,82,800 |
| B-HNI (min) | 10 | 12,000 | ₹10,92,000 |
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.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.92 | 3.24 |
| P/E (×) | 23.21 | 28.09 |
| Price to book (×) | 6.36 | — |
| Market cap | — | ₹39.75 Cr |
Key performance indicators
- Return on net worth
- 32.47%
- Debt / equity
- 2.83
- PAT margin
- 9.13%
- NAV per share
- ₹14.31
- Price to book
- 6.36
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Solve Plastic Products
Solve Plastic Products Limited (formerly Solve Plastic Products Private Limited), incorporated on October 04, 1994 and converted into a public limited company on March 05, 2024, is an ISO 9001:2015 and Bureau of Indian Standards certified manufacturer of uPVC (Unplasticized Polyvinyl Chloride) pipes and Rigid PVC Electrical Conduits, sold under the 'BALCOPIPES' brand. It operates four manufacturing facilities — Unit-1 Punalur and Unit-4 Shencottah (Tamil Nadu) for rigid PVC electrical conduits, and Unit-2 Edamon and Unit-3 Kannur for uPVC pipes — with cumulative installed capacity of 43,20,000 KGPA of conduits and 16,80,000 KGPA of uPVC pipes. Besides its core products, it sells PVC garden hoses, solvent cement and water tanks, and earns income from outsourced manufacturing of fittings/accessories and scrap sales. Distribution runs through a network of 260 Authorized Dealers/Distributors across Kerala, Karnataka and Tamil Nadu, with Kerala contributing 97.34% of FY24 revenue; products are approved by agencies such as BIS, CPWD, MES and PWD, and the company is a registered vendor with Chennai Port Authority and Southern Railway. For FY2024 it reported revenue from operations of ₹4,619.13 lakhs and profit after tax of ₹142.48 lakhs. Through this SME IPO it proposes to raise ₹1,184.82 lakhs (100% fresh issue) to fund purchase of additional plant and machinery — including enhancement of conduit capacity at Shencottah and a new 2,160 MT p.a. HDPE pipes facility at Edamon — working capital, issue expenses and general corporate purposes, and to list on the NSE EMERGE platform.
Company Analysis
from RHPKerala-based Solve Plastic Products Limited manufactures and sells uPVC water pipes and rigid PVC electrical conduits under the 'BALCOPIPES' brand, operating in the plastics/pipes and building-materials industries.
Solve Plastic Products Limited (formerly Solve Plastic Products Private Limited), incorporated on October 04, 1994 and converted into a public limited company on March 05, 2024, is an ISO 9001:2015 and Bureau of Indian Standards certified manufacturer of uPVC (Unplasticized Polyvinyl Chloride) pipes and Rigid PVC Electrical Conduits, sold under the 'BALCOPIPES' brand. It operates four manufacturing facilities — Unit-1 Punalur and Unit-4 Shencottah (Tamil Nadu) for rigid PVC electrical conduits, and Unit-2 Edamon and Unit-3 Kannur for uPVC pipes — with cumulative installed capacity of 43,20,000 KGPA of conduits and 16,80,000 KGPA of uPVC pipes. Besides its core products, it sells PVC garden hoses, solvent cement and water tanks, and earns income from outsourced manufacturing of fittings/accessories and scrap sales. Distribution runs through a network of 260 Authorized Dealers/Distributors across Kerala, Karnataka and Tamil Nadu, with Kerala contributing 97.34% of FY24 revenue; products are approved by agencies such as BIS, CPWD, MES and PWD, and the company is a registered vendor with Chennai Port Authority and Southern Railway. For FY2024 it reported revenue from operations of ₹4,619.13 lakhs and profit after tax of ₹142.48 lakhs. Through this SME IPO it proposes to raise ₹1,184.82 lakhs (100% fresh issue) to fund purchase of additional plant and machinery — including enhancement of conduit capacity at Shencottah and a new 2,160 MT p.a. HDPE pipes facility at Edamon — working capital, issue expenses and general corporate purposes, and to list on the NSE EMERGE platform.
Objects of the Issue
- Funding Capital Expenditure towards purchase of additional plant and machinery (enhancing Rigid PVC Electrical Conduits capacity at Shencottah, Tamil Nadu from 2,760 MT to 4,860 MT p.a., and setting up a new 2,160 MT p.a. HDPE Pipes facility at Edamon, Kerala) ₹ 552.64 Lakhs p.82
- To meet the Working Capital Requirements ₹ 382.55 Lakhs p.82
- To meet the Issue Related Expenses ₹ 161.63 Lakhs p.82
- General Corporate Purposes ₹ 88.00 Lakhs p.86
Issue Structure
- Total Issue
- 13,02,000 Equity Shares aggregating to ₹ 1,184.82 Lakhs
- Fresh Issue
- 13,02,000 Equity Shares aggregating to ₹ 1,184.82 Lakhs (entire Issue is a Fresh Issue)
- Offer for Sale
- Nil
- Price Band
- Fixed Price Issue at ₹ 91/- per Equity Share (including share premium of ₹ 81/- per Equity Share)
- Lot Size
- 1,200 Equity Shares (minimum lot size)
- Face Value
- ₹ 10/- each
Business Model
The Company earns revenue from manufacturing and selling rigid PVC electrical conduits (₹3,246.01 lakhs, ~70% of FY24 revenue from operations) and uPVC pipes (₹1,050.78 lakhs, ~23%), together roughly 93% of revenue, supplemented by sales of fittings & accessories/bends, PVC garden hoses, solvent cement and water tanks, income from outsourced manufacturing of fittings and accessories, and scrap sales. Its order-driven sales flow mainly through 260 authorized dealers/distributors across Kerala, Karnataka and Tamil Nadu, with prices set based on market demand, production capacity, transportation costs, inventory levels, competitors' prices and credit terms.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Sudheer Kumar Balakrishnan Nair | Promoter | 58.27% | 40.90% |
| Susil Balakrishnan Nair | Promoter | 5.80% | 4.07% |
| Balakrishnan Nair | Promoter | 3.07% | 2.15% |
| Govind Vinodkumar | Promoter | 1.63% | 1.14% |
| Aravind Sudheer Kumar | Promoter | 1.30% | 0.92% |
| Shankar Sudheer Kumar | Promoter | 0.98% | 0.69% |
| Vinodkumar Bhargavannair | Promoter Group | 13.05% | 9.16% |
| Sunitha Vinodkumar | Promoter Group | 2.46% | 1.73% |
| Malavika Vinod Kumar | Promoter Group | 1.47% | 1.03% |
| Akhila S Kumar | Promoter Group | 0.82% | 0.57% |
| Aswin S Kumar | Promoter Group | 0.65% | 0.46% |
| Beena Kochunarayana Kurup | Promoter Group | 0.25% | 0.17% |
| Bindu Kochunarayankurup | Promoter Group | 0.25% | 0.17% |
| Rekha Susil Kumar | Promoter Group | 0.23% | 0.16% |
Leadership
Auto-extracted from the company's RHP 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 RHP before relying on it.