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HomeNEWSsme ipo: Swastik Pipe IPO oversubscribed 1.33 times

sme ipo: Swastik Pipe IPO oversubscribed 1.33 times

Swastik Pipe SME IPO witnessed a strong response from the retail investor class despite negative sentiment on the market. The issue, which closed today, was oversubscribed 1.33 times.

In the IPO offering, the company offered 62.52 lakhs equity shares of the face value of Rs 10 for each fully paid-up share through the book-building process. The price band for the issue was fixed at Rs 97-

100 per share.

The proceeds from the proposed public offering will be used by the company for its working capital requirements. Swastik Pipes manufactures and exports mild steel and carbon steel electric-resistance-welded (ERW) black and galvanized pipes and tubes since 1973. It 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

etc.

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.

The company’s key customers include

, , DMRC, EIL, , L&T, , , etc. Further, the company caters to marquee customers globally, ranging from the US, UK, UAE, Australia, Qatar, Germany, Belgium, Mauritius, Ethiopia and Kuwait.
For the year ended March 2022, the company reported a turnover of Rs 612.19 crore. EBITA of Rs 29.28 crore and a net profit of Rs 20.41 crore.

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