Shares of Boss Packaging Solutions plunged nearly 5% on Friday after the company was listed on the stock exchange.

What Happened: The company, with a small office in Gujarat’s Ahmedabad, was listed on the NSE small and medium enterprises platform at ₹82.5, representing a 25% premium over the issue price of ₹66. Before the listing, the company’s shares were trading at an 8% premium to the issue price in the grey market.

The bidding for the ₹8.41-crore public offer started on August 30 and ended on September 3, and received bids for over ₹1,000 crore. Both the retail and non-retail segments of the IPO were oversubscribed by more than 100 times, which is emblematic of the recent craze around SME IPOs.

Last month, Resourceful Automobile, which runs two Yamaha showrooms in Delhi and employs only eight people, received bids over 400 times the shares on offer in its SME IPO.

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Boss Packaging itself garnered massive ridicule for its dilapidated 500-square yards facility and total employee count of 64. However, on Thursday the company updated its photos on Google to show a significantly better-looking facility.

Founded in January 2012, Boss Packaging Solutions specialises in manufacturing, supplying and exporting a range of packaging, capping, and filling machines. Their product lineup includes a wide selection of labelling, packing, filling and sealing machines, along with accessories and complete packaging lines used across various industries.

The company says that it intends to use the funds from the IPO for funding working capital needs, purchasing machinery and other general corporate purposes.

Price Action: Boss Packaging Solutions was trading 1.82% lower at ₹81 on Friday.

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