Texmo Pipes closes with 54.4% premium on debut

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The company is engaged into manufacturing of range of PVC and HDPE pipes viz. suction & delivery hose pipe, rigid PVC pipes, elastomeric sealing ringfit PVC Pipe (Gasket Pipe), PVC casing and ribbed screen casing pipes, SWR pipe, plumbing pipe, conduit pipe, caping casing strips, column pipe, HDPE plain pipe, sprinkler pipe, PLB HDPE cable duct and drip irrigation system.

The 50 lakh equity shares issue, which opened during February 16-19, 2010, was subscribed 7.48 times. The company has raised Rs 45 crore from this issue at Rs 90 per share, at higher end of price band of Rs 85-90 per share.

The issue proceeds would be used for expansion of product range; setting up manufacturing facilities for injection mouldings/fittings and woven sacks and meeting long term working capital requirements. The company has requirement of Rs 11.32 crore, Rs 22.06 crore and Rs 10 crore, respectively for the above projects.