Specialised Pipe Manufacturer Swastik Pipes Ltd, on Tuesday said it has received approval from NSE Emerge for its initial public offering (IPO). The IPO, for which it recently filed a draft red herring prospectus (DRHP) with NSE Emerge, will consist of issuance of up to 62.51 lakh equity shares.
“The issue size comprises of issuance of up to 62.51 lakh equity shares of a face value of Rs 10 each fully paid-up shares through the book-building process," Swastik Pipes said in a statement.
The company plans to issue 62.51 lakh shares through the initial public offering. About 40 per cent of the issue will be reserve for qualified institutional buyers (QIB), around 20 per cent for high networth individuals (HNIs) and 35 per cent for retail investors. The company has appointed Corporate Capital Ventures Private Ltd as lead managers for the issue. While Skyline Financial Service Private Ltd has been appointed as registrar to the issue.
Swastik Pipes is promoted by Sandeep Bansal, Anupama Bansal, Shashwat Bansal and Geeta Devi Aggarwal. The company is a leading manufacturer and exporter of T T Swastik Band high-quality mild steel/ carbon steel ERW black and galvanised pipes/ tubes since 1973.
“The company has two state-of-the-art manufacturing plants in Haryana and Uttar Pradesh with a production capacity of 20,000 MT per month. In those past few years, the company has diversified into the production of solar module mounting structures, steel tubular poles, GI structures of rural electrification, etc," it said in the statement.