News Synopsis
Swastik Pipes announced on Monday that its initial public offering (IPO) has been approved by the NSE's SME platform Emerge. The company recently submitted a Draft Red Herring Prospectus (DRHP) to NSE Emerge. It stated that the issue size includes the issuance of up to 62.51 lakh equity shares with a face value of Rs 10 each through the book-building process.
According to Swastik Pipes, nearly 40% of the issue will be reserved for Qualified Institutional Buyers (QIB), 20% for HNIs, and 35% for retail investors. Corporate Capital Ventures Private Ltd has been appointed as the issue's lead manager, and Skyline Financial Service has been appointed as the Registrar.
Swastik Pipes, founded in 1973 by Sandeep Bansal, Anupama Bansal, Shashwat Bansal, and Geeta Devi Aggarwal, manufactures and exports mild steel and carbon steel Electric-Resistance-Welded (ERW) black and galvanised pipes and tubes. According to a company statement, the company has two manufacturing plants in Haryana and Uttar Pradesh with a monthly production capacity of 20,000 MT and has expanded into the production of solar module mounting structures, steel tubular poles, GI Structure of rural electrification, and other products.
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