Three M Paper Boards IPO Lists on BSE SME with 10% Premium

The shares of Three M Paper Boards IPO debuted on July 22 at a respectable price of ₹ 76 on BSE SME platform, which is 10% more than issue price of ₹ 69.

Through book-built issue of 57.72 lakh shares, Three M's IPO was able to raise ₹ 39.83 crores. IPO was a completely new venture.

The Three M IPO bidding window opened on July 12 and ended on July 16. On July 18, share allocation was completed. price range for IPO was ₹ 67 – ₹ 69 per share. Retail investors had to apply for a minimum lot of 2,000 shares, requiring a ₹ 1.38 lakh investment in total. High Net Worth Individuals (HNIs) were required to invest a minimum of ₹ 2.76 lakh, or 4,000 shares. Bigshare Services Pvt Ltd was registrar for IPO, and Comfort Securities Ltd was book-running lead manager.

Read more about Three M Paper Boards IPO

On July 11, Three M raised ₹ 11.33 crores from anchor investors. As of July 16, IPO had a stunning 171.33x subscription rate. 175.19x as many retail investors subscribed to IPO. It was subscribed to 79.37x by Qualified Institutional Buyers (QIB) and 284.67x by Non-Institutional Investors (NII). Three M was established in July 1989 and is focused on producing superior recycled paper-based duplex board products. These items are mostly utilized for packaging purposes in a variety of industries, such as consumer goods, food & beverage, medicines, and cosmetics. business sells its goods both domestically and abroad.

Three M's manufacturing facility is situated in Chiplun, Ratnagiri, Maharashtra, and company's headquarters are in Mumbai. Company was able to produce 72,000 tonnes of paper annually (TPA) as of FY23.

To Summarize

On BSE SME platform, three M Paper Boards are listed for ₹ 76, which is 10% more than ₹ 69 issue price. With a ₹ 30 unlisted market premium on shares, IPO received 171 subscriptions. Money will go toward debt repayment, low-pressure boiler renovations at Ratnagiri factory, new machinery purchases, operating capital, and production of recycled paper products that are biodegradable and useful to a variety of sectors.