Bulkcorp International IPO Listed at 24% premium on NSE

Bulkcorp International's shares had an impressive debut on the NSE SME, listing at ₹130 per share, which is 24% above the IPO's upper price band of ₹105 per share. The IPO was highly successful, being subscribed 176.35 times, with strong interest from retail investors, non-institutional investors, and qualified institutional investors.

The IPO was open for bidding from July 30 to August 1, 2024, with shares priced between ₹100 and ₹105 each. It included a fresh issue of 1,978,800 shares, which reduced the promoter’s shareholding from 98.10% to 72.26%.

About Bulkcorp International IPO

The funds raised will be allocated for working capital, capital expenditures, and general corporate purposes. Prior to the IPO, Bulkcorp secured ₹5.90 crore from anchor investors by allotting 562,000 shares at ₹105 per share. As of May 31, 2024, the company employed 195 people. For the period ending March 31, 2024, Bulkcorp reported a revenue of ₹45.18 crore and a net profit of ₹3.55 crore. The IPO saw non-institutional buyers subscribe 251.39 times, while qualified institutional buyers subscribed 104.42 times. Bulkcorp International IPO was open from July 30 to August 1, and the share allotment was finalized on August 2.

About Bulkcorp Internationa Ltd

Bulkcorp International specializes in the manufacturing and supply of Food Grade Flexible Intermediate Bulk Container (FIBC) bags. The company offers a range of customizable packaging solutions, including eight types of FIBC bags (Jumbo Bags) and container liners. It serves major industries such as agriculture, chemicals, construction, food, pharmaceuticals, and mining, with clients across the globe, including in the USA, Canada, UK, South Africa, Ivory Coast, South Korea, Spain, Europe, and Egypt.

Between March 31, 2023, and March 31, 2024, Bulkcorp's profit after tax (PAT) increased by 193.6%, while its revenue grew by 19.37%. For FY24, the company's PAT was ₹3.6 crore, up from ₹1.21 crore in FY23, with revenue at ₹45.18 crore, up from ₹38.5 crore in FY23.

To Summarize

Bulkcorp International shares had a strong debut on the Indian stock market on Tuesday, August 6, opening at ₹130 each, which is 24% higher than the issue price of ₹105.

Bulkcorp International's impressive market debut underscores its robust growth and strong investor confidence. The significant oversubscription and notable financial performance highlight the company's potential and market appeal. This debut also signals a positive outlook for the company's future expansion and strategic objectives.