Diksha Polymers, a manufacturer of PET bottles, containers, and preforms, launched its initial public offering (IPO) on June 17 with a fixed price of ₹112 per share. The IPO requires a minimum bid of two lots for retail investors and aims to raise funds primarily for debt repayment and corporate purposes, according to livemint.com.
On the first day of bidding, the IPO had crossed the halfway mark, garnering 0.54 times subscription as of 1:08 pm IST. Both non-institutional and retail investors participated in the offering, which is structured as a small and medium enterprise (SME) IPO. The company set the price band at ₹112, with the bidding process continuing over multiple days.
The IPO comes amid growing interest in the packaging and polymer manufacturing sector, which has seen several companies tapping public markets for expansion and debt reduction. Diksha Polymers’ move to raise capital through an SME IPO follows a trend of mid-sized manufacturers seeking public funding to strengthen their balance sheets and invest in operational capacities.
The subscription period for Diksha Polymers’ IPO will continue through June 19, after which the company will finalize allotments. The funds raised will be used to repay existing debt and meet other corporate requirements, as stated in the IPO prospectus.