Malpani Pipes mobilises Rs 7.2 crore from anchor investors ahead of IPO

Malpani Pipes and Fittings IPO

Malpani Pipes and Fittings, the plastic pipes manufacturer, has raised Rs 7.2 crore from seven institutional investors via anchor book on January 28, a day before the IPO opening.

Its maiden public issue will open for subscription on January 29 and close on January 31. The IPO share allotment will get finalised by the company on February 3, while the trading in shares will commence on the BSE SME effective February 5.

The company in its BSE filing said it has finalised allocation of 8 lakh equity shares to anchor investors at a price of Rs 90 per share.

Anchor investors like Minerva Ventures Fund, AL Maha Investment Fund, Nova Global Opportunities Fund, Mintexrx, and Galaxy Noble Global Opportunities Fund bought 1.13 lakh shares worth Rs 1.02 crore each, while Arnesta Global Opportunities Fund, and Zeal Global Opportunities Fund invested Rs 1.05 crore, and 1.03 crore respectively in Malpani Pipes.

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The Madhya Pradesh-based company plans to raise Rs 25.92 crore via initial share sale which comprises of entirely fresh issue of 28.8 lakh shares. The price band for the book-built issue is Rs 85-90 per share.

Malpani Pipes that operates business under Volstar brand intends to utilise IPO proceeds for capital expenditure for purchase of machineries, repaying debt, and general corporate purpose.

Interactive Financial Services is the sole merchant banker handling the public issue.