Packaging solutions provider Knack Packaging Ltd’s Initial Public Offering (IPO), with an issue size of nearly ₹440 crore, will open for public subscription on July 1.
The price band has been set at ₹161-170 per share, valuing the company at ₹2,080 crore at the upper end.
The company’s maiden public offering will conclude on July 3 and the bidding for anchor investors will open for a day on June 30, according to a public announcement.
It comprises a fresh issue of equity shares aggregating up to ₹380 crore and an Offer For Sale (OFS) of up to 35 lakh equity shares worth ₹59.5 crore by existing shareholders. This takes the total issue size to ₹439.5 crore.
Proceeds from the fresh issue will be utilised for setting up a new manufacturing facility at Borisana, Kadi in Mehsana, Gujarat, while the balance will be earmarked for general corporate purposes.
Headquartered in Ahmedabad, Knack Packaging is a leading integrated, innovation-driven, export-oriented packaging solutions provider. Its portfolio includes Printed and Laminated Woven Polypropylene (PLWPP) bags and PLWPP pinch bottom bags, catering to diverse sectors such as food products and pet foods.
Investors can bid for a minimum of 88 equity shares and in multiples thereof. At the upper end of the price band, one lot will cost ₹14,960.
Half of the net offer has been reserved for Qualified Institutional Buyers (QIBs), 15 per cent for Non-institutional Investors (NIIs) and the remaining 35 per cent for retail investors.
Systematix Corporate Services, IDBI Capital Markets & Securities and Pantomath Capital Advisors are the book-running lead managers to the issue, while MUFG Intime India is the registrar.
The company’s shares are proposed to be listed on the BSE and NSE on July 8.