Precision Pipes and Profiles announces IPO

Precision Pipes and Profiles announces IPO
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First Published: Wed, Dec 12 2007. 02 50 PM IST
Updated: Wed, Dec 12 2007. 02 50 PM IST
New Delhi: Precision Pipes and Profiles Company Ltd (PPAP) is entering the capital market with an initial public offering at a price to be decided by a 100% book building process.
The bid opens on 17December 2007, and will close on 20December. The price band has been fixed between Rs140 and Rs150 per equity share of face value Rs10 each.
Of the total equity float, up to 50% of the net issue to the public will be allocated to Qualified Institutional Buyers (“QIB”s) on a proportionate basis, out of which 5% will be available on a proportionate basis to only Mutual Funds. The remainder shall be available for allocation on proportionate basis to all QIBs including Mutual Funds.
Further, not less than 15% of the net issue shall be available for allocation on a proportionate basis to non institutional bidders and not less than 35% of the net issue shall be available for allocation on a proportionate basis to retail individual bidders, subject to valid bids being received at or above the issue price.
UTI securities and NEXGEN Capitals Ltd are the Book Running Lead Managers to the Issue, while Intime Spectrum Registry Limited are the Registrar to the Issue.
IPO Grading: The Issue has been graded by CRISIL, and has been assigned the IPO Grade 4/5 indicating “above average fundamentals”.
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First Published: Wed, Dec 12 2007. 02 50 PM IST