Plastic pipes manufacturer Malpani Pipes and Fittings closed its initial public offering on January 31, recording a massive 136.92 times subscription in the last three days. The offer was opened on January 29.
The Madhya Pradesh-based company targets to mobilise Rs 25.92 crore through its maiden public issue which consists of entirely fresh issue of 28.8 lakh shares. The price band for the offer was Rs 85-90 per share.
Investors booked 28.48 crore equity shares against the offer size of 20.80 lakh shares via 73,726 applications, the subscription data on the BSE showed.
Participation remained healthy from all categories of investors with non-institutional investors leading amongst them, subscribing 254.45 times their allotted quota. Retail investors booked 113.79 times their reserved portion, while the part set aside for non-institutional investors was subscribed 58.49 times.
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Investors in the grey market traded Malpani Pipes IPO shares at around 10-20 percent premium over the upper price band, the market observers said. Investors consider grey market premium to guess the expected listing price.
The company will finalise the IPO share allotment by February 3, and the trading in Malpani Pipes shares will commence on the BSE SME effective February 5.
Meanwhile, the funds raised via IPO will be utilised majorly for the purchase of machineries, repayment of debt, and general corporate purpose.
Interactive Financial Services acted as the merchant banker for Malpani Pipes IPO.
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