Tijaria Polypipes' Rs 60-cr IPO subscribed 1.2 times

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Tijaria Polypipes' Rs 60-cr IPO subscribed 1.2 times

Jaipur based Tijaria Polypipes has successfully raised Rs 60 crore through an initial public offering of 1 crore equity shares. The issue is likely to list this week.

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Jaipur based Tijaria Polypipes has successfully raised Rs 60 crore through an initial public offering of 1 crore equity shares. The company is likely to list equity shares this week. 

The fixed priced issue, which opened for subscription in September 27-29, was subscribed 1.2 times, as per the advertisement in leading newspaper. Reserved portion of retail investors and non-institutional investors subscribed 1.725 times and 0.68 times, respectively.

Tijaria Polypipes manufactures high-grade HDPE, MDPE and LDPE plastic pipes and sprinkler systems under the brand names of Tijaria and Vikas. At present, the company has an installed manufacturing capacity of 20,664MT HDPE pipes, 7,392MT PVC pipes and 7,200MT of PET flakes & granules per year. Its products are used in irrigation, telecommunication, industrial, infrastructure and housing sectors.

The company now proposes to expand its current manufacturing capacity and diversify into the manufacturing of polyster zippers long chains, mink blankets & PET sheets and also proposes to manufacture the raw materials required for it. The company will manufacture partially oriented yarn (POY), draw texturised yarn (TY) and monofilament yarn all under one roof. The company plans to set up two new units at industrial areas of Rajasthan Industrial and Investment Corporation (RIICO) at Ramachandrapura and Sitapura Extension, close to Jaipur.

The total project cost is estimated at Rs 108.52 crore. For implementing the new project the promoter group has contributed Rs 8.52 crore as equity capital and the company has arranged a term loan of Rs 40 crore from banks.