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SPP Polymer Limited IPO Message Board (Page 2)

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29. anjali jain |   Link |  Bookmark | September 15, 2024 10:45:12 AM
Where to check spp allotment status?
28. Appy bro |   Link |  Bookmark | September 15, 2024 3:42:20 AM
Applied 2 applications of 8 lots each and I have been allotted 1-1 lot in both the applications.
Praying for positive listing.
27. Not Smart |   Link |  Bookmark | September 14, 2024 10:27:19 PM
IPO Mentor IPO Mentor (600+ Posts, 200+ Likes)
Zero Allotment, No worries😊
26. KGSKIPO |   Link |  Bookmark | September 14, 2024 7:22:15 PM
Top Contributor Top Contributor (400+ Posts, 100+ Likes)
They will release on Tuesday only as they want to enjoy Saturday, Sunday and Monday ( holiday). No concern for investors
26.3. DEVBULL |   Link |  Bookmark | September 14, 2024 9:15:22 PM
IPO Mentor IPO Mentor (600+ Posts, 200+ Likes)
@KGSKIPO 
1) Congratulations to you for catching big fish (BHNI allotment in Bajaj Housing). Though I didn’t get BHNI allotment, I got one lot in Retail and satisfied with it.
2) Regarding allotment in SPP Polymers, as Retail has subscribed more than Others (HNI), we have to take Total multiples only (i.e. 43.29 times).
3) By the by, I got allotment of 2 lots in SPP Polymers.
26.4. KGSKIPO |   Link |  Bookmark | September 14, 2024 9:42:11 PM
Top Contributor Top Contributor (400+ Posts, 100+ Likes)
@DEVBULL Congratulations and wishing the best listing gain for SPP Polymer
25. KAMMA SIVA RAMA KRISHNA |   Link |  Bookmark | September 14, 2024 9:03:35 PM
0/2 in the Retail category. All the best to the allottees.
24. Lucky Sem |   Link |  Bookmark | September 14, 2024 8:42:29 PM
Allotment out
0/6 again Nil allotment
23. VIPVIP |   Link |  Bookmark | September 14, 2024 8:38:59 PM (300+ Posts)
0/5 Retail

Third class Registrar
22. Vasanth Agl |   Link |  Bookmark | September 14, 2024 6:57:09 PM
Jago kfintech Jago. Subh ho gaye mamu
21. Lucky Sem |   Link |  Bookmark | September 14, 2024 1:55:12 PM
Still allotment not out
Kya lagta he aaj aayga ya nahi
20. Diligent IPO Learner |   Link |  Bookmark | September 14, 2024 11:52:21 AM
IPO Mentor IPO Mentor (600+ Posts, 300+ Likes)
Kfintech has many times delayed particular SME IPO allotments.
19. IPO is the new IPL |   Link |  Bookmark | September 14, 2024 10:40:12 AM
Kfin tech walo zinda ho ya mar gye
Allotment dekr jate😭😭
18. Arun Jindal |   Link |  Bookmark | September 14, 2024 9:19:08 AM
Top Contributor Top Contributor (400+ Posts, 100+ Likes)
Kfin people seem to have forgotten that they have to give allotment. Or they have given leave to their employees after handling BAJAJ share.
18.1. Not Smart |   Link |  Bookmark | September 14, 2024 9:54:53 AM
IPO Mentor IPO Mentor (600+ Posts, 200+ Likes)
Shame on the registrar for faure to handle a small issue. They made a mess with Bajaj Housing .
17. GVRani |   Link |  Bookmark | September 14, 2024 9:04:42 AM
Most incompetant registrar, may be busy with the cases on their susideries
16. Bharat Ahuja |   Link |  Bookmark | September 14, 2024 8:39:09 AM
Why no allotment till now?
15. VIPVIP |   Link |  Bookmark | September 14, 2024 12:59:54 AM (300+ Posts)
Allotment kab hai??
Aaj ya Monday??
14. believe in uper wala |   Link |  Bookmark | September 13, 2024 11:07:52 PM (400+ Posts)
ek bat bolu jo price band he iski utna hi retail me subscribe hua he
hahaha😂😂😂
14.1. IPO is the new IPL |   Link |  Bookmark | September 13, 2024 11:48:13 PM
Nice observation 🫡🫡😂😂😂
13. Squareb |   Link |  Bookmark | September 12, 2024 5:58:51 PM (200+ Posts)
Too many ifs and buts , risk reward ratio doesn't seem to be favourable based on merit. Though listing price is governed by other factors , too . As such , skipping this one . Good luck in advance to all allotess .
12. MuStrFc |   Link |  Bookmark | September 12, 2024 9:36:19 AM
IPO Guru IPO Guru (3100+ Posts, 2400+ Likes)
LM/MM combo is made for such issues. Issue expenses are near 4% of the IPO.

Co. operates in manufacturing woven and non-woven fabric bags. Promoters are experience rich in this bag and plastic industry. Sector agnostic use of such bags mean a lot of players will cater to the demand, which in turn means tough competition between the players. Visible through fluctuating revenues YoY and 1% PAT margins. Current capacity utilisation is near 68% for woven bags and 80% for non-woven bags. All this when capex was already done to increase capacity in FY23. Capacity utilisation suggest further capex will be needed going ahead.

Co. has voluntarily provided data till Q1 FY25, which if annualised means near 22% YoY revenue growth from FY24 to FY25. PAT margins have surprisingly increased in 3 month IPO period to around 3.5% higher than 1% earlier. Sole reason for this is fall in raw material prices as stated by the mgmt. Top 10 customers accrue to almost 90% of revenues. Performance in recent years were based on one time contracts (Punjab).

Pricing of the issue has not left much, at FY25 annualised coupled with repayment of borrowings (7.75cr at 11.5% interest), it comes down to 21 P/E. Peer Rishi Techtex which has de-grown trades near 34 P/E. Peer Emmbi trades near 26
P/E which has similar PAT margins. Working capital estimates project revenue similar to annualised figures.

At places in the RHP there is outright mention of what one should read to get the overall picture, forcing to focus on those things. But mgmt themselves have acknowledged the issue with bare minimum margins and one time contracts going forward.

Given the not so fancy sector and huge competition, even for short term there is less value, and pricing the issue has further left little scope. The improvement in margin appear solely done for IPO period. Long term is based on how fast they can capture the market share or expand themselves into other ventures with so many other options already available.
12.6. Iposs |   Link |  Bookmark | September 12, 2024 3:32:29 PM (400+ Posts)
Excellent Analysis as usual Sir!

@MuStrFc
12.7. rakeeblr |   Link |  Bookmark | September 14, 2024 9:22:04 AM
Excellent analyst sirji
11. Prabh Jot Singh |   Link |  Bookmark | September 12, 2024 4:28:26 PM
Applied 7 lots.
10. Not Smart |   Link |  Bookmark | September 12, 2024 3:59:54 PM
IPO Mentor IPO Mentor (600+ Posts, 200+ Likes)
Funds available for 2 lots only. In a dilemma whether to go for 1+1 or 2+0. Finally applied 2 +0 lots only