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IPO

Swastik Pipe IPO oversubscribed 1.33 times

Economic Times  

Swastik Pipe SME IPO, which closed today, was oversubscribed 1.33 times. In the IPO offering, the company offered 62.52 lakhs equity shares of the face value of INR 10 for each fully paid-up share through the book-building process. The price band for the issue was fixed at INR 97-100 per share. The proceeds will be used by the company for its working capital requirements. Swastik Pipes manufactures and exports mild steel and carbon steel electric-resistance-welded (ERW) black and galvanized pipes and tubes. It has two manufacturing plants in Haryana and Uttar Pradesh.