Schedule of Solve Plastic Products
| Issue open date | 13 Aug 2024 |
| Issue close date | 16 Aug 2024 |
| UPI mandate deadline | 16 Aug 2024 (5 PM) |
| Allotment finalization | 19 Aug 2024 |
| Refund initiation | 20 Aug 2024 |
| Share credit | 20 Aug 2024 |
| Listing date | 21 Aug 2024 |
| Mandate end date | 31 Aug 2024 |
| Lock-in end date for anchor investors (50%) | 18 Sep 2024 |
| Lock-in end date for anchor investors (remaining) | 18 Nov 2024 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Solve Plastic Products
Founded in 1994, Solve Plastic Products is engaged in manufacturing a comprehensive range of uPVC (Unplasticized Polyvinyl Chloride) pipes and Rigid PVC electrical conduits like Solvent cement, Water tanks, Rigid PVC electrical cables PVC pipes, and Garden hoses. The company is ISO and BIS certified and is committed to constant innovations in drinking water piping solutions and electrical conduit fittings technologies to meet the constantly increasing demands.
The company has 4 well-equipped manufacturing facilities in total with 3 in Kerala and 1 in Tamil Nadu and markets its products under the brand name “BALCOPIPES”, through its network of authorized dealers/distributors. As of the date of Prospectus, it has 260 authorized dealers/distributors present across 3 states i.e. Kerala, Karnataka, and Tamil Nadu.
Financials of Solve Plastic Products
Issue size
| Funds raised in the IPO | Amount |
| Overall | ₹11.85 crores |
| Fresh Issue | ₹11.85 crores |
| Offer for sale | – |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Capital Expenditure | 5.53 (46.64%) |
| Working capital requirements | 3.83 (32.29%) |
| Issue related expenses | 1.62 (13.64%) |
| General corporate purposes | 0.88 (7.43%) |
Strengths
- Scalable business model: The company’s business model is order-driven, and comprises optimum utilization of existing resources. The company has adequate capacity to scale upward and can undertake aggressive marketing of its products and maintain superior quality.
- Quality assurance and standards: The company has received a letter of appreciation for the exceptional achievement of securing Zero Failure (Zero Failure License Achievement) for the last 3 operative years from the Bureau of Indian Standards (BIS).
Risks
- Price-sensitive industry: The company operates in a price-sensitive industry wherein the product price highly influences the purchasing decisions of consumers. Any inability to continue to offer products at competitive prices may adversely affect the business and financial condition.
- Dependence on a single business segment: The company’s revenue is dependent on a single business segment i.e. PVC Pipe & Electrical Conduit. An inability to anticipate or adapt to the evolving upgradation of these products may adversely impact revenue from operations and growth prospects.