Mitsu Chem Plast Ltd. Listed on BSE SME Exchange
Friday 9th September 2016 saw the bell ringing ceremony of MitsuChemPlast Ltd., the 148th company to list on the BSE SME Exchange. The function was attended by diverse crowd including Stalwart of Plastic industries .
Mitsu Chem Plast Ltd. Completed its Initial Public Offering on 31st August 2016, wherein they offered 10,00,800 shares at a IPO price of Rs. 95/- per share aggregating to Rs. 9.50 crores. The issues received a very good response form the market and received over 640 applications resulting the issue being oversubscribed.
Mr. Shripal Shah, Promoter Director of Aryaman Financial Services Ltd., the merchant banker to the IPO stated that “The SME IPOs have giving an average return of over 8 times in the last 3 to 4 years. Hence, nowadays many investors have started looking at the SME IPOs as a long term value creation instrument and have added the same to their investment horizon. This is the reason for many IPOs being oversubscribed and receiving good response from the markets. Mitsu Chem Plast is part of the SME Growth Story now!”.
Mr. Manish Dedhia, Jt. MD and CFO of the company stated that “We have been wanting to go public for quite some time now, however we were waiting for the right time and situation. Last year our company’s turnover reached the 100 crore mark and we felt that being a 26 year old organisation if we need to spread our wings further and explore possibilities of growing the company exponentially from here, we would need access to public capital markets. We thank the investors and market intermediaries for their support and trust in Mitsu!”.
Mitsu Chem Plast Ltd. is an ISO 9001:2008 and TSO TS/16494 certified polymer based moulded products manufacturing company engaged in the business of manufacturing and marketing of technically driven innovative products catering to growing industry segments like, Industrial Packaging Solutions, Lifestyle Products, Automotive Components, Healthcare Products, Infrastructure related products & Emergency Handling Solutions.