NSE Emerge grants Swastik Pipe approval for Initial Public Offering

6 Sep 2022 , 07:27 AM

Swastik Pipe, a manufacturer of specialized pipes, declared on Monday that NSE Emerge has given its initial public offering permission (IPO). A draft red herring prospectus (DRHP) had just been submitted to NSE Emerge by the company. The issue size includes the issuing of up to 62.51 lakh equity shares through the book-building procedure, each with a face value of Rs10 and being fully paid up.

The offer will reserve close to 40% for Qualified Institutional Buyers (QIBs), close to 20% for High Net Worth Individuals, and close to 35% for regular investors. Corporate Capital Ventures Private has been chosen by the business to serve as the issue’s lead managers. However, Skyline Financial Service Private has been designated as the issue’s Registrar.

Sandeep Bansal, Anupama Bansal, Shashwat Bansal, and Geeta Devi Aggarwal are the promoters. Since 1973, the business has been a prominent producer and exporter of premium Mild Steel/Carbon Steel ERW Black and Galvanized Pipes/Tubes.

It has two cutting-edge manufacturing facilities with a monthly output capacity of 20,000 MT in Haryana and Uttar Pradesh. The company has expanded its product line to include steel tubular poles, GI structures for rural electrification, and solar module mounting structures.

Reliance Industries, BHEL, Coal India, DMRC, EIL, Hindustan Zinc, L&T, NALCO, NTPC, ABB Ltd., and others are some of its major clients. The USA, UK, UAE, Australia, Qatar, Germany, Belgium, Mauritius, Ethiopia, and Kuwait are just a few of the numerous nations that its flagship clients are from.

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