Textile Ink Trader Silkflex Polymers Lists On NSE SME Platform With 15% Premium

New Delhi, May 15 (KNN) Silkflex Polymers, a company engaged in trading textile printing inks and waterborne wood coating polymer products, made its stock market debut on the NSE SME platform on Wednesday.

The company's shares were listed at Rs 60 apiece, reflecting a 15 per cent premium over the issue price of Rs 52 per share.

Prior to the listing, Silkflex Polymers' shares were trading at a premium of Rs 10 in the unlisted market, indicating robust investor demand.

The initial public offering (IPO), comprising a fresh equity issue of 34.82 lakh shares, was oversubscribed by 39 times at the close, driven by strong interest from retail investors.

Silkflex Polymers is the authorised agent for a Malaysian brand, Silkflex Polymers, a prominent manufacturer of garment printing inks. The company holds the rights to sell Silkflex Polymers' products and utilise its brand name. Silkflex Polymers supplies its offerings to various countries, including India, Thailand, Turkey, Russia, Sri Lanka, Bangladesh, and Indonesia.

The proceeds from the IPO will be utilised for acquiring land, funding capital expenditure, meeting working capital requirements, and other general corporate purposes.

India's textile sector, one of the oldest industries in the country's economy, encompasses a diverse range of operations, from hand-spun and hand-woven textiles to capital-intensive sophisticated mills. Waterborne wood coatings, a segment in which Silkflex Polymers operates, are typically made from a variety of resins, including acrylic, polyester, polyurethane, fluoropolymer, and waterborne powder resins.

For the period ended December 2023, Silkflex Polymers reported revenue of Rs 33.81 crore and a profit after tax of Rs 2.56 crore.

(KNN Bureau)