 "Malpani Pipes Fittings sets Rs 85-90 price band for IPO to open on Jan 29")
Malpani Pipes And Fittings Ltd on Tuesday said it has fixed the price band of Rs 85-90 per share for Rs 26 crore initial public offer, which will hit the markets on January 29.
At the upper end of the price band, the company will fetch up to Rs 25.92 crore from the IPO.
The initial public offering (IPO) will conclude on Friday i.e January 31 and the shares of the firm will be listed on the BSE's SME platform, the company said in a statement.
Investors can bid for a minimum of 1,600 shares and in multiples thereof.
The public issue is entirely a fresh issue of 28.80 lakh equity shares.
Proceeds from the fresh issue will be utilised for funding capital expenditure towards the purchase of machineries, repayment of debt, to meet working capital requirements and general corporate purposes.
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Malpani Pipes and Fittings specialises in manufacturing high quality pipes, including HDPE, MDPE, LLDPE, as well as sprinkler and drip pipes, marketed under the Volstar brand.
The company serves to industries, such as irrigation, telecommunications, and infrastructure.
Interactive Financial Services is the sole book running lead manager, while Bigshare Services is the registrar for the issue.
For the period ending March 31, 2024, the company reported a total revenue of Rs 141.16 crore, with profit after tax of Rs 7.4 crore.
As of December 31 2024, the company's outstanding order book was valued at Rs 111.66 crore.
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