Welspun Corp ends 3% higher on IPO launch by its JVC in Saudi Arabia

12 Jan 2022 , 03:56 PM

Welspun Corp Limited ended 3% higher after making an announcement that Saudi Arabia-based joint venture East Pipes Integrated Company for Industry (EPIC) has launched its initial public offering (IPO) on the Saudi stock exchange.

The company informed that the bidding and book-building period for participating investors is between January 11-17, 2022. The price band has been set between SAR 72 to SAR 80 per share.

EPIC is offering 63 lakh shares, representing 30% of its share capital, by way of selling existing shares by the current shareholders.

Welspun Corp Ltd ended at Rs184.65 per share up by Rs5.65 or 3.16% from its previous closing of Rs179 per share on the BSE.

The scrip opened at Rs183 and has touched a high and low of Rs186 and Rs179.30 respectively.