SVPCL IPO Opens For Subscription

SVPCL, a leading paper products manufacturer in South India, is open for subscription with a public issue of Rs 34.50 crore through a 100 per cent book-building process. The issue closes on October 26. The price band has been fixed at Rs 40-45 per equity share of Rs 10 each.

The company plans to use the net proceeds from the issue to expand its existing manufacturing facilities in Hyderabad, Vijayawada and Visakhapatnam, to set up marketing infrastructure in 10 identified locations in the country, to enhance its long-term working capital requirements and to meet expenses of the issue.

Other than the IPO, the company will raise its finance required by internal accruals. Out of the Rs 34.50-crore public issue, 50 per cent is allotted to Qualified Institutional Buyers, 15 per cent to non-institutional investors and the remaining 35 per cent to retail.

BOB Capital Markets Ltd is the book running lead manager) for the issue and UTI Securities Ltd is the co-BRLM.