Pipe manufacturer Swastik Pipes on Monday announced that they have received approval from NSE’s SME platform Emerge for its initial public offering (IPO).
The company had recently filed a draft red herring prospectus (DRHP) with NSE Emerge.
This is the forthcoming public issue of Swastik Pipe on NSE Emerge through the book building process.
Swastik Pipe IPO details
The is issuing 62.51 lakhs equity shares of the face value of Rs 10 each fully paid-up shares.
The price brand for this ipo is set at Rs 97-100 per share.
The company will raise Rs 62.52 crore through its public issue
40 per cent of the issue will be reserved for qualified institutional buyers (QIB), around 20 per cent for HNIs, and 35 per cent for retail investors.
Issue opening date
Swastik Pipe will opening for bidding on Sept 29 ((Thursday)) and closing on Oct 3 (Monday).
Share allotment date
Allotment of shares is likely on 7th October 2022 whereas most likely date for listing of shares is 12th October 2022. The public offer is proposed for listing on NSE Emerge or NSE SME exchange.
Lead manager and Registrar
The company has appointed Corporate Capital Ventures Private Ltd as the lead manager for the issue while Skyline Financial Service has been appointed as the Registrar.
Purpose of raising fund
The company will raise Rs 62.52 crore through its public issue which will be used for working capital, general corporate purposes, and issue expenses.
Promoter Details
Sandeep Bansal, Anupama Bansal, Shashwat Bansal, and Geeta Devi Aggarwal are their promoters.
Business
Swastik Pipes has been making and exporting mild steel and carbon steel electric-resistance-welded black and galvanised pipes and tubes since 1973.
Plant production capacity is 20,000 MT per month and has expanded into the production of solar module mounting structures, steel tubular poles, GI Structure of rural electrification etc.
Manufacturing Plants
It has two plants in Haryana and Uttar Pradesh.
production capacity of 20,000 MT per month and has expanded into the production of solar module mounting structures, steel tubular poles, GI Structure of rural electrification etc.
Top Customers
They are supplying their products to Reliance Industries, BHEL, Coal India, DMRC, EIL, Hindustan Zinc, L&T, NALCO, NTPC, ABB Ltd. etc. It’s marquee customers spread over many countries ranging from USA, UK, UAE, Australia, Qatar, Germany, Belgium, Mauritius, Ethiopia and Kuwait.
Company Revenue and growth
For the year ended March 2022, the company reported a turnover of ₹612.19 crore. EBITA of ₹29.28 crore and a net profit of ₹20.41 crore.
Nirmal is a NISM Certified Derivative Trader & the Founder of InvestandEarn.net (Financial Blog). He entered the world of Equity research to explore his interests in financial markets having 5+ Years of Experience in Share Market Trading & Investing. Nirmal frequently writes about Share Market Trading & Investment and publishes his personal view on the market. Drop him a mail at nirmal.jaysval@investandearn.net.
