Indian IPO

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Thursday, March 01, 2007

Glory Polyfilms fixes issue price band at Rs 45-52

Glory Polyfilms, an established profit making company in the packaging industry for the last 8 years, received Sebi nod to enter the capital market with an IPO of 82, 20,000 equity shares of Rs 10 each.

The price band is Rs 45 per equity share at the lower end and Rs 52 per equity share at the higher end. The issue would constitute 47.06% of the fully diluted post issue paid-up capital of the company.

Glory Polyfilms is engaged in the manufacture of co-extruded multi-layer barrier film and printed/unprinted flexible laminates. Co-extruded film has multiple/ diverse applications as a packaging material for food, liquids like milk, edible oil & non-food items. The company has a strong and well-known customer base from diversified industries, which has been developed over a period of time.

One of the key objects of the issue is to part finance the expansion of company's Multi-layer film producing capacity by 11652 MTPA, printing capacity by 4956 MTPA and lamination capacity by 3500 MTPA. This expansion of its existing facility at Daman would cost Rs 3900 lakh. The project is appraised and part financed by Indian Overseas Bank.

Glory Polyfilms’ IPO is lead managed by SREI Capital Markets. The equity shares of the company will be listed on the Bombay Stock Exchange and National Stock Exchange, as per press release.

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