AIK Pipes IPO: Price band set at ₹89 per share; issue opens on December 26

AIK Pipes IPO price band: The AIK Pipes IPO price band has been fixed at ₹89 per equity share of the face value of ₹10 per equity share.

AIK Pipes IPO is to open for subscription on Tuesday, December 26, 2023, and will close on Thursday, December 28, 2023. The allotment for the IPO is expected to be finalised on Friday, December 29, 2023.

The AIK Pipes And Polymers IPO is an entirely fresh issue of 16.88 lakh shares with a fixed price issue, aggregating to ₹15.02 crore. It is expected to be listed on BSE SME on Tuesday, January 2, 2024.

According to the company, the minimum lot size for the application is 1,600 shares and in multiples of 1,600 equity shares thereafter.

According to the company's RHP, Shreni Shares Limited is the book-running lead manager of the AIK Pipes And Polymers IPO. Skyline Financial Services Private Ltd is the registrar for the issue.

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"The AIK Pipes And Polymers IPO is a public issue of 16.88 lakh equity shares of face value of ₹10 each at a price of ₹89 per equity share, aggregating to ₹15.02 crore, of which 84,800 shares, aggregating to ₹75.47 lakh will be reserved for subscription by Market Maker. Net issue to the public is 16.03 lakh shares, aggregating to ₹14.27 crore. The issue and the net issue will constitute 26.53 per cent and 25.20 per cent respectively of the post-issue paid-up equity share capital of our company," AIK Pipes said in its RHP.

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The company intends to use the net proceeds to meet capital expenditure, to meet working capital requirements and for general corporate expenses.

AIK Pipes and Polymers makes HDPE (high-density polyethylene) pipes, HDPE Fittings, MDPE (medium-density polyethylene) pipes and PPR (polypropylene random) pipes for the water distribution, gas transmission, sewerage systems and telecom sector.

The net worth of the company as of March 31, 2023, stood at ₹5.61 crore. The company's revenue from operations stood at ₹30.48 crore for FY23 while the company's profit for the year stood at ₹1.9 crore.

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