Ex-Pack Corrugated Cartons Limited’s Rs 700 million IPO, is open for subscriptions today. Managed jointly by Capital Alliance and Asia Securities, 83,333,333 ordinary voting shares (a 25% stake) at a price of Rs 8.40 per share are on offer, resulting in a projected market capitalization of Rs 2.8 billion. This translates into an estimated forward PER of 7.7x for FY22 and implied TTM PER (as at August 2021) of 8.9x.
Funds raised by the IPO will go towards a Rs 3-billion- ultramodern production facility, which is expected to raise monthly volumes from 2,650 metric tons, currently, to 4,000 metric tons by 2025.
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