Swastik Pipe prices IPO at up to Rs 100 per share, offer opens on September 29

Swastik Pipe on September 26 fixed the price brand of its initial public offering (IPO) opening for subscription on September 29 and closing on October 3 at Rs 97-100 per share.

The issue of 62.52 lakh shares will reserve 3,14,400 shares for the market maker.

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.

Promoted by Sandeep Bansal, Anupama Bansal, Shashwat Bansal, and Geeta Devi Aggarwal, Swastik Pipes has been making and exporting mild steel and carbon steel electric-resistance-welded black and galvanised pipes and tubes since 1973. It has two plants in Haryana and Uttar Pradesh.

Swastik Pipe has also diversified its business with manufacturing of solar module mounting structures, transmission towers, steel tubular poles and solar poles special structure for railways, scaffolding, formwork and crash barrier.

For the year ended March, the company recorded net profit after tax of Rs 20.41 crore on revenue of Rs 608.7 crore against profit of Rs 1.48 crore on revenue of Rs 522.17 crore in the previous financial year.

Corporate Capitalventures is the book running lead manager to the issue, while Skyline Financial Services is the registrar for the offer.