Purv Flexipack Limited IPO

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Purv Flexipack Limited, initially founded as “Purv Flexipack Private Limited” in Kolkata in 2005, transitioned into a public limited company in 2023. The company operates from its registered office in Kolkata, West Bengal, and primarily focuses on the distribution of various plastic-based products. This includes Biaxially Oriented Polypropylene (BOPP) film, Polyester Films, Cast Polypropylene (CPP) films, Plastic granules, Inks, Adhesives, Masterbatches, Ethyl Acetate, and Titanium Dioxide. Additionally, it serves as a Del Credere Associate (DCA) Dealer Operated Polymer Warehouse (DOPW) for Indian Oil Corporation Limited’s polymer division.

Purv Flexipack Limited has established dealership agreements with several notable companies, including SRF Limited, Poddar Pigments Limited, and Indian Oil Corporation Limited, covering a range of products from polyester and BOPP films to polyethylene and polypropylene, as well as laminating adhesive products. These partnerships extend across various Indian regions, with some agreements set on a perpetual basis and others for fixed terms.

The company also has significant investments in subsidiaries and step-down subsidiaries, including Cool Caps Industries Limited, which is listed on the NSE SME and specializes in the manufacturing of plastic bottle caps and closures. Other subsidiaries include Purv Technoplast Private Limited, engaged in PET bottle recycling; Purv Packaging Private Limited, focused on manufacturing sterilized/antimicrobial film; Purv Ecoplast Private Limited, producing multilayer flexible film and zip lock bags; and Re.act Waste Tech Private Limited, involved in plastic waste management and consultancy services for Extended Producer Responsibility (EPR). These subsidiaries contribute to Purv Flexipack’s diversified portfolio in the plastics and packaging industry, emphasizing its commitment to growth, sustainability, and innovation in the sector.

Objects of the Purv Flexipack Limited IPO:

The company proposes to utilize the Net Proceeds of the Fresh Issue towards funding the following objects: i. Repayment of certain existing fund-based borrowings in full or in part availed by the company from scheduled commercial banks. ii. Funding working capital requirements of our Company; and iii. General corporate purposes.
DRHP of Purv Flexipack Limited IPO
RHP of Purv Flexipack Limited IPO

Purv Flexipack Limited IPO Details:

Open Date: Feb 27 2024
Close Date: Feb 29 2024
Total Shares: 5,664,000
Face Value: ₹ 10 Per Equity Share
Issue Size: 40.21 Cr.
Lot Size: 1600 Shares
Issue Price: ₹ 70 - 71 Per Equity Share
Listing At: NSE Emerge
Listing Date: Mar 05 2024

Promoters And Management:

Vanshay Goenka, 29, serves as the Managing Director of the company, bringing over a decade of experience, including a stint at Ernst & Young LLP in Transaction Advisory Services. An ISBEY graduate from the Indian School of Business, Hyderabad, and holding a Bachelor of Commerce (Honors) from St. Xavier's College, Kolkata, he joined us in 2016. Goenka oversees the marketing department, vital for business promotion and mission fulfillment. He excels in marketing strategy, market research, and identifying new opportunities, showcasing proficiency in e-mail marketing, advertising campaigns, and creating promotional materials. His tenure since 2016 has been marked by significant contributions to the growth and outreach. Rajeev Goenka, 52, is the Chairman and Non-Executive Director of the company, with a Bachelor of Commerce (Honors) from the University of Kolkata and a certification in cost accounting from The Institute of Cost and Works Accountants of India. Boasting over 30 years of experience, primarily in the plastic industry, his expertise extends to strong financial analysis and management. He founded Rajeev Trading & Holdings Private Limited in 1992 and entered the plastic packaging sector in 1999 with Millenium Plastipack Private Limited. Currently, he holds directorship in 13 companies, including Cool Caps Industries, a listed entity specializing in plastic bottle caps manufacturing. His financial acumen has significantly contributed to their company's growth and financial health. Poonam Goenka, aged 52 years, is the Whole-time Director of the Company. She completed her Bachelor of Commerce from the University of Calcutta. She has been an integral part of the Company since its inception, and her role was elevated to Whole-time Director in 2023. With a career spanning over 28 years in the Indian plastic packaging industry, she established S.R. Enterprises in 1994, which later evolved into a distributor of Polyester films for SRF Limited's Packaging films division in 1995. Currently, she holds directorships in 6 companies, which are engaged in the plastic industry, attesting to her invaluable expertise and influence in the field.

Financials of Purv Flexipack Limited IPO:

Particulars ( In Lakhs )
2021
2022
2023
6M-FY24
Revenue from Operations 13,304 22,237 33,317 13,439
Other Income 477 706 790 497
Total Revenue 13,780 22,944 34,108 13,936
Cost of Materials Consumed 957 2,260 6,977 3,462
Purhcase of Trading Goods 10,510 17,642 22,486 8,291
Changes in Inventories -522 -483 -164 -189
Employees Benefit Expenses 307 401 404 183
Other Expenses 1,035 1,379 1,689 717
EBITDA 1,493 1,746 2,716 1,471
Depreciation & Amortisation 169 212 331 183
Finance cost 508 580 900 562
EBIT 1,324 1,534 2,385 1,288
OPM (%) 10.83% 7.61% 7.96% 10.55%
PBT 817 954 1485 771
Tax 202 188 351 195
PAT 615 766 1134 576
NPM (%) 4.46% 3.34% 3.33% 4.14%
No.of Shares 209.82 209.82 209.82 209.82
EPS 2.93 3.65 5.40 2.74

Comparison With Peers:

Name of the Company Revenue (In Crore) PAT (In Crore) EPS ( in Rs) P/E CMP Mcap (In Crore)
Purv Flexipack Limited 333 11 5.40 13.1 71 149
Sah Polymers Limited 95 4 1.33 249.0 115 296
* All the data is as per FY23.

Lead Manager of Purv Flexipack Limited IPO:

  1. Holani Consultants Private Limited

Registrar of Purv Flexipack Limited IPO:

  1. Link Intime India Private Limited

Company Address:

Purv Flexipack Limited Annapurna Apartment, Suit 1C C, 1st Floor, 23 Sarat Bose Road, Kolkata-700020 Phone: +91 33 4070 3238 Email: cs@purvflexipack.in Website: https://www.purvflexipack.in/

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