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The initial public offer (IPO) of Shreenath Paper Products received bids for 96,03,000 shares as against 53,10,000 shares on offer. The issue was subscribed 1.8 times.
Retail investors bid for 80,04,000 shares and non-institutional investors bid for 15,99,000 shares. There were no bids from the qualified institutional investors.
The issue opened for bidding on 25 February 2025, and it closed on 28 February 2025. The price of the IPO was set at Rs 44 per share. The equity shares will list on BSE's SME platform.
The IPO comprised a fresh issue of 53,10,000 equity shares. The promoter and promoter group shareholding diluted to 72.98% from 100% pre-issue.
The company intends to utilize the net proceeds for meeting incremental working capital requirements and general corporate purposes.
Shreenath Paper Products is a leading provider of supply chain solutions for industries that rely on paper materials such as coated, food-grade, machine-glazed, and adhesive papers in their manufacturing processes. The company offers a wide range of paper products, including sublimation base paper, thermal base paper, and straw paper; cup stock paper, security PSA sheets, high-strength paper, C2S and C1S papers; and more. As of February 29, 2024, the company had 9 professionals.
The company recorded revenue from operations of Rs 77.04 crore and net profit of Rs 2.40 crore on a nine-month basis for the period as of 31 December 2024.
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