by Sandip Das on 26 December 2023, 3 min read
AIK Pipes Polymers launched its initial public offering (IPO) to raise over Rs 15 crore via a public offer. The subscription for the issue opened on December 26, 2023, and it will close on December 28, 2023.
AIK Pipes and Polymers manufactures HDPE (high-density polyethylene) pipes, HDPE fittings, MDPE (medium-density polyethylene) pipes, and PPR (polypropylene random) pipes used in water distribution, gas transmission, sewerage systems, and the telecom sector.
Also Read: Trident Techlabs IPO: All You Need to Know Before subscribing to the Issue
The IPO has set the price band for AIK Pipes at Rs 89 per equity share, each having a face value of Rs 10.
The IPO consists of a fixed price issue totaling Rs 15.02 crore. It exclusively comprises a fresh issue of 16.88 lakh shares.
Skyline Financial Services Private Limited serves as the registrar for the issue, while Shreni Shares is the market maker for the AIK Pipes and Polymers IPO.
Shreni Shares Limited is the book running lead manager for the AIK Pipes and Polymers IPO.
The issue reserves not more than 50 percent for retail investors, with the remaining 50 percent allocated for other investors.
The company intends to utilize the net proceeds to meet capital expenditure, fulfil working capital requirements, and cover general corporate expenses.
As of March 31, 2023, the company’s net worth stood at Rs 5.61 crore. Its revenue from operations for FY23 totaled Rs 30.48 crore, and the company reported a profit of Rs 1.9 crore for the year.
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