Knack Packaging shares jump nearly 11 pc in market debut trade

NEW DELHI, July 8: Shares of packaging solutions provider Knack Packaging Ltd listed with a premium of nearly 11 per cent against the issue price of Rs 170 on Wednesday.

The stock started trading at Rs 186, registering a jump of 9.41 per cent from the issue price on the BSE. It further surged 12.94 per cent to Rs 192.

At the NSE, the stock was listed at Rs 188, up 10.58 per cent.

The company's market valuation stood at Rs 2,275.99 crore.

The initial public offering (IPO) of Knack Packaging Ltd received strong participation from investors, with the issue getting subscribed 83.33 times, on the final day of bidding on Friday last week.

The Rs 439.5-crore IPO had a price band of Rs 161-170 per share.

The public offer had a fresh issue of equity shares aggregating up to Rs 380 crore and an Offer For Sale (OFS) of up to 35 lakh equity shares worth Rs 59.5 crore.

Proceeds from the fresh issue will be utilised for setting up a new manufacturing facility at Borisana, Kadi in Gujarat's Mehsana district, while remaining funds will be used for general corporate purposes.

Headquartered in Ahmedabad, Knack Packaging is an integrated, innovation-driven and export-oriented packaging solutions provider. It manufactures customised Printed and Laminated Woven Polypropylene (PLWPP) bags and PLWPP pinch bottom bags, catering to various sectors, including food products and pet foods. (PTI)