Boss Packaging IPO on Day 02: Issue subscribed to 18.42 times; retail portion booked 32.45 times

The IPO of Boss Packaging Solutions, an SME company, has continued to attract healthy interest from investors on its second day of bidding. Opened for subscription on August 30, the IPO was fully subscribed on its first day, with notable participation from both retail and non-institutional investors.

On the second day, the retail segment maintained robust demand, with the subscription rate reaching 32.45 times.

Non-institutional investors also demonstrated robust interest, with their subscription reaching 4.39 times. By 4:30 p.m. on the second day, the IPO had received bids for 2,22,56,000 shares against the 12,08,000 shares available, resulting in an overall subscription rate of 18.42 times, according to Chittorgarh.com

The company aims to raise ₹8.41 crore through the issuance of 12.74 lakh new equity shares. The offer price has been set at ₹66 per equity share, with a face value of ₹10 each. Retail investors can bid in multiples of 2,000 shares, requiring a minimum investment of ₹1,32,000 per lot.

The proceeds from the IPO will be used for purchasing machinery, funding working capital requirements, and general corporate purposes.

Fedex Securities Pvt Ltd is the book-running lead manager for the IPO, while Kfin Technologies Limited serves as the registrar. B.N. Rathi Securities is the market maker for this issue.

The allotment for Boss Packaging's IPO is anticipated to be finalized on Wednesday, September 4, 2024, with the shares expected to list on the NSE SME platform on September 6, 2024.

About Boss Packaging

Founded in January 2012, Boss Packaging Solutions Limited specializes in manufacturing, supplying, and exporting a diverse range of packaging, capping, and filling machines. Its product lineup includes self-adhesive sticker labeling machines, conveyors, turntables, web sealers, and sleeve applicators.

The company offers a comprehensive suite of equipment, including labeling, packing, filling, and sealing machines, along with accessories and complete packaging lines, catering to various industry needs.

Its products are utilized across multiple sectors, including edible oils, lubricants, chemicals, cosmetics, homecare, pharmaceuticals, viscous liquids, juices, dairy, agriculture, pesticides, food, toiletries, and distilleries.

In fiscal years 2022, 2023, and 2024, it has served 50, 60, and 70 customers, respectively.

As of August 2024, the company has distributed its machines across 18 Indian states, 3 Union Territories, and 4 countries, as per the company's DRHP. 

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