Mumbai (Maharashtra) [India], September 3 (ANI/PNN): Packaging Solutions company, Mega Flex Plastics Ltd - one of the leading manufacturers of Leno Bags used for packaging of agricultural products and Woven Fabrics is scheduled to open its Rs 11.40 crore public issue for subscription on September 6. Company received approval to launch its public issue on SME Emerge Platform of National Stock Exchange. Proceeds of the public issue will be utilised to fund company's expansion plans, working capital requirements and general corporate purposes. Finshore Management Services Ltd is the lead manager of the issue. Public issue will close on September 9. The initial public offering will comprise a fresh issue of 28.5 lakh equity shares of face value Rs 10 each at a price of Rs 40 per share (including a premium of Rs 30 per equity share) aggregating Rs 11.40 crore. Minimum lot size for the application is 3,000 shares which translates in to Rs 1.2 lakh per application. Retail allocation for the IPO is 50 per cent - 13.53 lakh shares totaling Rs 5.70 crore. Company's Leadership team consists of Mohan Lal Parakh, Hukum Chand Bothra and Rakesh Sethia who have several decades of experience in the field of packaging solutions. Commenting on the development, Hukum Chand Bothra, Managing Director, Mega Flex Plastics Ltd said, "Our focus is on increasing sales volume through expansion, diversification and expand geographical outreach. In the last few years, we have expanded our operations beyond West Bengal and our emphasis is on catering to other states requirements mainly Uttar Pradesh, Bihar, Rajasthan, Madhya Pradesh and Punjab also apart from West Bengal. The company is also pursuing lot of opportunities to increase its production capacity by processing fabrics into bags. With this increased production capacity, we shall be able to grow our client base geographically also. We are hopeful that after the proposed public issue, we will be able to execute our growth strategy in a manner that creates exponential value for all stakeholders while consistently delivering quality products." For the FY21-22 company reported total revenue of Rs 47.39 crore, EBITDA of Rs 4.21 crore and Net Profit of Rs 2.66 crore. Net Worth and Reserves & Surplus of the company post issue will stand at Rs 42.45 crore and Rs 31.05 crore respectively. Book value per share as on March 31, 2022 is Rs 176.99 per share. RONW as on March 22 stands at 8.56 per cent. Post issue share capital of the company will increase to Rs 10.74 crore. Promoter group holding in the company currently stands at 99.79 per cent which will stand at 73.32 per cent post-issue. Shares of the company will be listed on NSE Emerge platform. Established in the year 2003, Mega Flex Plastics Ltd is primarily engaged in manufacturing of Leno Bags which is used for packaging of agricultural produces like potatoes, onions, garlic, coconuts, fruits and vegetables. In addition to Leno Bags, the company is also manufacturing Woven Fabric and Sutli (Fibrillated Twisted Thread). The product which they majorly manufacture i.e., Leno Bags is made from Plastic Granules and is used multiple times for storage of fruits and vegetables. Company's brands include Lenoflex, Kisan, Kisan Regular, Goldflex, Goldflex Lite, Tiger, Tiranga, Hena. The Lenoflex is most preferred brand for storage of potato when the farmer looks for the quality. Company also exports Leno Bags to European countries and its quality is well accepted there also. Company has state-of-the-art plant for manufacturing PP Leno Bags situated at Sudha Ras Food & Poly Park (Industrial Park), Howrah in the state of West Bengal, India. The plant is strategically located on NH-6, about 120 km from international all-weather port of Haldia and around 30 kms from Kolkata port, which gives it excellent connectivity and transport facilities. This story has been provided by PNN. ANI will not be responsible in any way for the content in this article. (ANI/PNN)