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Monday, June 05, 2006

Bluplast Industries IPO opens today

Plastic products manufacturer Bluplast Industries, offer opens today and will close on June 9.

Bluplast will raise around Rs 35 crore (Rs 350 million) from its proposed initial public offer, IPO to expand capacity of its Daman plant.

The company has received Sebi acknowledgement for its proposed IPO of 1.10 crore equity shares of Rs 10 each at a price of Rs 32 per share. Out of this, it has reserved 10 lakh equity shares for its permanent employees and the net public issue size is one crore equity shares.

The lead manager to the offer is Allianz Securities and the registrar is Bigshare Capital Services.

Bluplast proposes to use about half the proceeds to set up a PVC wood composite profile facility at Daman and a quarter to meet the enhanced working-capital requirements.

Bluplast is expanding its capacity of injection moulded household products at Daman from 5,400 MTPA to 9,000 MTPA and setting up facilities to manufacture 4,900 MTPA of high value PVC-wood composite profiles and sheets. The company is generating only 3-5% from exports and is trying to focus more on the local market.

By December end the company will launch its new product line. It is also expanding its existing capacities.

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