Knack Packaging IPO: Raises Rs 131 Cr from Anchor Investors

New Delhi, Jun 30 (PTI) Packaging solutions provider Knack Packaging Ltd on Tuesday raised Rs 131.25 crore from anchor investors ahead of the opening of its initial public offering (IPO).

The company allotted 77.20 lakh equity shares to anchor investors at Rs 170 apiece, the upper end of the IPO price range of Rs 161-170 per share, according to a circular uploaded on the BSE's website.

Axis Opportunities AIF Series II emerged as the largest anchor investor, receiving 23.53 lakh equity shares, accounting for 30.48 per cent of the anchor investor portion, for Rs 40 crore.

In addition, Ashoka India Equity Investment Trust Plc, SBI General Insurance Company, ITI Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund and JM Financial Mutual Fund have been allocated shares in the anchor round.


The Rs 439.5-crore IPO will open for public subscription on July 1 and conclude on July 3.

The public issue comprises 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 by existing shareholders.

Proceeds from the fresh issue will be utilised for setting up a new manufacturing facility at Borisana, Kadi in Gujarat's Mehsana district, while the 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 sectors including food products and pet foods.

The company's shares are proposed to be listed on the BSE and NSE on July 8.