Boss Packaging Solutions Limited, established in 2012, has grown from a manufacturer of filling and sticker labeling machines to a diversified player in the packaging industry. They now produce a wide range of equipment including capping machines, filling machines, self-adhesive sticker labeling machines, conveyors, turn tables, web sealers, and sleeve applicators. With a strong sales and distribution network across India, Boss Packaging is well-positioned in the market.

IPO Details

The Boss Packaging IPO is a Fixed Price Issue amounting to ₹8.40 crores, consisting entirely of a Fresh Issue of 12.74 lakh shares. The subscription period opens on August 30, 2024, and closes on September 3, 2024. The allotment is expected to be finalized around September 4, 2024, with shares listed on the NSE SME on September 6, 2024.

The share price is set at ₹56 per equity share, with a minimum lot size of 2,000 shares. Retail investors need to invest a minimum of ₹112,000, while High-Net-Worth Individuals (HNIs) must invest a minimum of ₹224,000 for 4,000 shares.

Key Participants

FEDEX SECURITIES PRIVATE LIMITED is the book-running lead manager.

KFIN TECHNOLOGIES LIMITED serves as the registrar for the issue.

B.N. Rathi Securities Limited will act as the market maker for this IPO.

Grey Market Premium (GMP)

As of today, the Grey Market Premium for Boss Packaging IPO is estimated between ₹45 to ₹50, indicating potential listing gains. However, the Grey Market Premium is speculative and should be considered for educational purposes only, as it does not reflect actual market conditions.

Subscription Status

On the last day of subscription, the Boss Packaging IPO was oversubscribed by 134.60 times. This high subscription rate reflects strong market interest. For the latest subscription status, you can check the NSE website.

Allotment Status

The IPO allotment date is set for September 4, 2024. To check your allotment status, follow these steps:

Visit the IPO allotment status page.

Select Boss Packaging Solutions Limited IPO.

Enter your application number, PAN, or DP Client ID.

Submit to view your status.

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Use of IPO Proceeds

The funds from this IPO will be used for:

₹333.70 lakhs for purchasing new machinery.

₹300.00 lakhs for funding working capital.

₹142.14 lakhs for general corporate purposes.

Financial Performance and Valuation

Boss Packaging has shown consistent growth in revenue, EBITDA, and PAT over recent years. For FY24, their revenue is ₹1,217.54 lakhs, EBITDA is ₹155.57 lakhs, and PAT stands at ₹101.04 lakhs. The company’s pre-issue EPS is ₹3.38 with a pre-issue P/E ratio of 19.53x, and a post-issue EPS of ₹2.27 with a post-issue P/E ratio of 29.07x. These figures indicate the IPO is priced attractively compared to the industry P/E ratio of 43.38x.

Given the promising financial metrics and the potential GMP of 70% - 75%, the IPO presents an opportunity for both short-term gains and long-term investment. However, due to the risks involved, it is recommended for risk-tolerant investors.

Market Debut

On its debut, Boss Packaging Solutions listed at ₹82.5 on NSE SME, a premium of 25% over the IPO price of ₹66.

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