Pipe maker AIK Pipes and Polymers said it has fixed a price of Rs 89 per share for its Initial Public Offering
AIK Pipes and Polymers Limited IPO: Pipe maker AIK Pipes and Polymers on Sunday said it has fixed a price of Rs 89 per share for its Initial Public Offering (IPO), which will open for public subscription from December 26-28.
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The initial share sale is entirely a fresh issue of 16.88 lakh equity shares and the company aims to raise about Rs 15.02 crore from the IPO, AIK Pipes said in a statement.
Shares will be listed on the BSE-SME platform.
Proceeds from the issue will be used for capital expenditure, meeting working capital requirements, and general corporate expenses, it said.
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Shreni Shares Ltd is the book-running lead manager to the issue, while Skyline Financial Services is the registrar for the IPO.
Jaipur-based AIK Pipes and Polymers is a leading manufacturer of MDPE (Medium Density Polyethylene) pipes and PPR (Polypropylene Random) pipes meant for water distribution, gas transmission, sewerage systems and telecommunication sectors.
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Meanwhile, the allotment of the IPO of Azad Engineering Ltd (AEL) will be finalised on Tuesday, December 26.
The Rs 740-crore IPO, which was open for public subscription between December 20 and December 22, received 83.04 times subscription, garnering bids for 81,64,09,468 shares as against 98,32,042 shares on offer.
(With PTI inputs)
