Boss Packaging Solutions Makes Strong Debut On NSE SME, Surging 25%
(MENAFN- KNN India)
New Delhi, Sep 6 (KNN) Boss Packaging Solutions made a robust debut on the National Stock Exchange's SME platform on September 6, with shares opening at Rs 82.5, marking a 25 per cent premium over the initial public offering (IPO) price of Rs 66.
This performance surpassed grey market expectations, which had anticipated an 8 per cent premium.
The company's Rs 8.41-crore IPO garnered significant investor interest during its three-day subscription period, being oversubscribed by 135 times and attracting bids worth Rs 1,073 crore.
Retail investors showed particularly strong enthusiasm, oversubscribing their allotted quota by 163 times, while non-institutional investors oversubscribed their portion by 103.64 times.
Established in 2012, Boss Packaging Solutions specializes in the manufacture, supply, and export of packaging, capping, and filling machines.
The company's product range extends to self-adhesive sticker labelling machines, conveyors, turntables, web sealers, and sleeve applicators.
Operating from a 500-square yard facility in Ahmedabad, the company has experienced a notable increase in net debt.
According to official documents, net debt rose by 82 per cent to Rs 3.06 crore in 2023 from Rs 1.64 crore in the previous year.
The company intends to allocate the net proceeds from the IPO towards various initiatives, including machinery acquisition, working capital financing, and general corporate purposes.
This successful market debut comes as Boss Packaging Solutions seeks to strengthen its position in the packaging machinery sector and fund its expansion plans.
(KNN Bureau)
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