Swastik Pipes said it has received approval from NSE’s SME platform Emerge for its initial public offering (IPO). The company had recently filed a draft red herring prospectus (DRHP) with NSE Emerge. The issue size comprises of issuance of up to 62.51 lakhs equity shares of the face value of Rs 10 each fully paid-up shares through the book-building process, it said.
Swastik Pipes said nearly 40 per cent of the issue will be reserved for qualified institutional buyers (QIB), around 20 per cent for HNIs, and 35 per cent for retail investors. The company has appointed Corporate Capital Ventures Private Ltd as the lead manager for the issue while Skyline Financial Service has been appointed as the Registrar.
Promoted by Sandeep Bansal, Anupama Bansal, Shashwat Bansal and Geeta Devi Aggarwal, Swastik Pipes manufactures and exports mild steel and carbon steel electric-resistance-welded (ERW) black and galvanized pipes and tubes since 1973. The company has two manufacturing plants in Haryana and Uttar Pradesh with a production capacity of 20,000 MT per month and has expanded into the production of solar module mounting structures, steel tubular poles, GI Structure of rural electrification etc.
Meanwhile, NSE had earlier partnered with states including Telangana, Gujarat, etc., in order to encourage MSMEs through knowledge sessions, discussions, seminars, road shows etc., to raise funds by listing on Emerge and also support them in the listing procedure.
