Shares of Flexituff International settled at Rs 166.40 on BSE, a premium of 7.35% over the initial public offer price of Rs 155.

The stock debuted at Rs 155, at par with the initial public offer (IPO) price. The stock hit a high of Rs 185.40 and low of Rs 142. On BSE, 1.75 crore shares were traded on the counter.

The IPO of Flexituff International, a leading integrated manufacturer of flexible intermediate bulk containers (FIBC), received bids for 78.65 lakh shares compared with 67.5 lakh equity shares on offer. The IPO was subscribed 1.17 times. Bidding for the issue closed on 4 October 2011 for qualified institutional buyers, while bidding closed on 5 October 2011 for non institutional investors and retail individual investors. The price band of the issue was set between Rs 145 to Rs 155 per share.

Non institutional investors category was subscribed 2.35 times followed by retail individual investors (1.6 times) and qualified institutional buyers (0.51 times).

Flexituff International (FIL) promoted by Kalani Industries, Miscellani Global and Sanovi Trading, is a multi-product company engaged in the business of manufacturing polymer products like flexible intermediate bulk containers (FIBC), reverse printed BOPP woven bags, special PP bags and leno bags, geo-textile fabrics and cround covers. These products are manufactured at three manufacturing units located in Pithampur (Madhya Pradesh) and Kashipur (Uttrakhand). It has a current capacity of 48,500 million tonnes (mt) and proposes to expand the same to 70,311 mt by next fiscal.

The company would utilize part of the fresh issue proceeds towards expansion of its manufacturing facilities at special economic zone (SEZ) and domestic tariff area (DTA) units at Pithampur and for setting up of Dripper project at Kashipur.

On a consolidated basis, Flexituff International's net profit surged 573.26% to Rs 30.97 crore on 79.99% increase in net sales to Rs 577.94 crore in the year ended March 2011 over the year ended March 2010.