Swastik Pipes gets nod for NSE Emerge IPO

Specialised pipe manufacturer Swastik Pipes today announced that it has received approval from NSE Emerge for its initial public offering (IPO). The IPO comprises the issuance of up to Rs 62.5 lakh shares through the book-building process.

Close to 40 per cent of the issue will be reserved for QIB, around 20 per cent for HNIs and 35 per cent for retail investors.

The company had recently filed a draft red herring prospectus (DRHP) with NSE Emerge.

The company has been a leading manufacturer and exporter of TT Swastik Band high-quality Mild Steel/Carbon Steel ERW Black and Galvanized Pipes/Tubes since 1973. It has two plants in Haryana and Uttar Pradesh, with production capacity of 20,000 MT per month. Its key customers include

Reliance Industries  NSE 1.25 %, BHEL  NSE 0.74 %, Coal India  NSE 0.80 %, DMRC, EIL,  Hindustan Zinc

 NSE 0.16 %, L&T,  NALCO  NSE 0.76 %,  NTPC  NSE 1.73 %,  ABB Ltd  NSE 1.99 %. etc.

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