LK Mehta Polymers IPO subscribed over 9 times so far on Day 3: Check GMP, price band and other details

The SME initial public offering (IPO) of LK Mehta Polymers, which opened for public bidding on February 13, was fully subscribed by Monday, with an overall subscription of 9.08 times as of 11:00 AM on the final day of bidding. The company is offering about 10.4 lakh shares in a fresh equity sale, aiming to raise approximately Rs 7 crore.

The retail portion of the issue was subscribed 12.35 times, while the issue was subscribed 5.8 times in the non-institutional investors category on the final day of bidding. Meanwhile, qualified institutional buyers had not placed any bids yet.

LK Mehta Polymers IPO’s GMP on Day 3

Ahead of listing, the company's shares were trading with a GMP of Rs 10 in the unlisted market on Monday, indicating a premium of 14% over the upper end of the IPO price band of Rs 71.

Price Band for LK Mehta Polymers IPO

The price band for the LK Mehta Polymers IPO is set at Rs 71 per share, where investors can bid for 1,600 shares in one lot and in multiples thereafter.

Allotment and Listing Date

The share allotment for the IPO will be finalized on February 18, and the listing is scheduled for February 20.

Proceeds from IPO

The IPO proceeds will be used to meet working capital requirements and for general corporate purposes.

About LK Mehta Polymers IPO

The company is actively involved in trading and manufacturing a comprehensive array of plastic products, addressing the diverse needs of its discerning customers. Its product line includes a wide range of ropes and twines, such as monofilament ropes, danline ropes, tape ropes, baler twines, and packaging twine.

The Indian rope market registered a growth of 0.24% in value shipments in 2022 compared to 2021, with a 10.51% CAGR from 2017 to 2022.

For the period ending December 2024, the company reported revenues of Rs 11.85 crore and a profit after tax of Rs 41 lakh.

Swastika Investmart is the book-running lead manager of the LK Mehta Polymers IPO, and Bigshare Services is the registrar.

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