Boss Packaging, trolled for dilapidated office, shares new pics of renovated workspace after 135x IPO subscription
In the last few days, photos of Boss Packaging’s crumbling office were widely circulated on social media as its SME IPO opened for subscription.
The initial public offering (IPO) of Boss Packaging Solutions Limited generated overwhelming interest on social media. The SME IPO opened for subscription on August 30 and closed on September 3.
Even with just 64 employees, less-than-impressive financials and one dilapidated office in Ahmedabad, Boss Packaging Solutions received a jaw-dropping 135x IPO subscription. With an issue size of ₹8.41 crore, the Ahmedabad-based packaging machines manufacturing & solution company received bids worth a staggering ₹1,073 crore, Moneycontrol reported. The stunning figure highlights the craze around SME IPOs despite SEBI’s recent warning.
Trolled for old office
In the last few days, photos of Boss Packaging’s crumbling office were widely circulated on social media. Taken from Google Street View, the photos showed a small office with peeling wall paint and garbage piling up on the mud road outside.
The photos were widely shared on the social media platform X (formerly Twitter) asking subscribers to tread cautiously when it comes to SME IPOs. Several X users shared negative comments about the company based on the lack of upkeep of their office and its location.
“This mad rush has to stop!! IPO investors are blindly applying to any s**t they are thrown at!! 64 employees, one old office and 135x subscription for Boss Packaging SME IPO!” one X user posted.
Another person wrote: Inka office dekh kar toh shock lag gaya! Kam se kam Resourceful Yamaha company ke paas showroom toh tha (Their office gave me a shock. At least Resourceful Automobile had a Yamaha showroom),” another person added.
Boss Packaging Solutions shares new pics
A day after its IPO subscriptions closed, Boss Packaging Solutions updated Google with new photos of its renovated workspace. According to India Today, the company operates out of a 500 square yard office in Gujarat’s Ahmedabad.
The new pictures show that the outside wall has been repainted from yellow to blue. The interiors also look like they were spruced up.
X user Aadesh Jain elaborated on the old vs new pictures. “Social media's impact on the world is fascinating and powerful. Consider the recent Boss Packaging Solutions SME IPO that closed yesterday. Initially, people widely shared negative comments on Twitter about the company, based solely on its appearance in Google Street View,” he wrote.
“Today, the company responded by updating its Google Maps photos, adding around 10 new images of the interior and office space, which present a much better impression. This happened just four hours ago, with the listing set for the day after tomorrow,” Jain explained.
Jain praised the promoter or the Boss Packaging executive who took steps to act on the criticism before the listing. “It's important not to judge a book by its cover—look at the balance sheet, DHRP, projections, promoter quality, etc,” he cautioned.
Incorporated in January 2012, Boss Packaging Solutions Limited manufactures, supplies, and exports a variety of packaging, capping, and filling machines. They also offer self-adhesive sticker labelling machines, conveyors, turntables, web sealers, and sleeve applicators.
(With inputs from ANI)