Bulkcorp International IPO oversubscribed on day 3 amid strong retail interest; check GMP

Bulkcorp International IPO: The subscription period for Bulkcorp International's IPO will begin on Tuesday, July 30, and end on Thursday, August 1. With a face value of ₹10 per share, the offer's price range is set between ₹100 and ₹105. There are multiples of those shares available, and at least 1,200 shares are up for bid.

Bulkcorp International produces and distributes bags made of food-grade flexible intermediate bulk containers. The company's production facility is located in Changodar, Ahmedabad.

The company's production facility has been certified as Grade A and satisfies the standards outlined in the BRC Global Standard for Packing and Packaging Materials. The company provides eight different types of FIBC bags (Jumbo Bags) and container liners, among other customisable packaging options. The company's Changodar, Ahmedabad, production facility is furnished with the tools needed for a seamless manufacturing process, including machinery and other handling equipment.

As per the red herring prospectus (RHP), the company's listed peers are Rishi Techtex Ltd (with a P/E of 25.75), and Jumbo Bag Ltd (with a P/E of 26.92).

Between March 31, 2024, and March 31, 2023, Bulk Corp International Limited's profit after tax (PAT) climbed by 193.6% and its revenue by 19.37%, respectively.

Bulkcorp International IPO subscription status

Bulkcorp International IPO subscription status is 136.98 times, on day 3, so far.

The retail portion was subscribed 218.97 times, and NII portion was booked 113.44 times. Qualified Institutions Buyers are booked 10.83 times.

The company has received bids for 18,03,16,800 shares against 13,16,400 shares on offer, at 13:52 IST, according to data on chittorgarh.com

Bulkcorp International IPO subscription status was 14.20 times, on day 1, and the issue was booked 54.86 times on the second bidding day.

Bulkcorp International IPO details

The Bulkcorp International IPO, valued ₹20.78 crore, includes a fresh issuance of 1,978,800 equity shares with a face value of ₹10. There is no "offer for sale" component.

The issue proceeds from the new issue will be used for general corporate purposes, capital expenditures, and meeting working capital requirements.

The Bulkcorp IPO's book running lead manager is Swastika Investmart Ltd., while the issue's registrar is Kfin Technologies Limited. Sunflower Broking is the market maker for the IPO of Bulkcorp.

Bulkcorp International IPO GMP today

Bulkcorp International IPO GMP is +97. This indicates Bulkcorp International share price were trading at a premium of ₹97 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Bulkcorp International share price was indicated at ₹202 apiece, which is 92.38% higher than the IPO price of ₹105.

'Grey market premium' indicates investors' readiness to pay more than the issue price.'

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