Swastik Pipes Gets Approval From NSE Emerge For Its IPO
Swastik Pipes on Monday announced that it has received approval from NSE Emerge its initial public offering (IPO). It had recently filed a filed a draft red herring prospectus (DRHP) for with NSE Emerge. The issue size comprises of issuance of up to 62.51 lakhs Equity Shares of face value of Rs 10 each fully paid-up shares through the book-building process.
The company plans to issue 62.51 lakh shares through the initial public offering. Close to 40 per cent of the issue will be reserve for QIB, around 20 per cent for HNI’s and 35 per cent for retail investors. The company has appointed Corporate Capital Ventures as the lead managers to the issue. While Skyline Financial Service as been appointed as Registrar to the issue.
Swastik Pipes is promoted by Sandeep Bansal, Anupama Bansal, Shashwat Bansal and Geeta Devi Aggarwal. The company is a leading manufacturer and exporter of T.T. Swastik Band high quality Mild Steel/Carbon Steel ERW Black and Galvanized Pipes/Tubes since 1973. It has two state of art manufacturing plants in Haryana and Uttar Pradesh with production capacity of 20,000 MT per month. In those last few years, the company has diversified into production of Solar Module Mounting Structure, Steel Tubular Poles, GI Structure of rural electrification etc.
Its key customers include Reliance Industries, BHEL, Coal India, DMRC, EIL, Hindustan Zinc, L&T, NALCO, NTPC, ABB Ltd. etc. It’s marquee customers spread over many countries ranging from USA, UK, UAE, Australia, Qatar, Germany, Belgium, Mauritius, Ethiopia and Kuwait.