AIK Pipes And Polymers IPO To Open Next Week, To List On BSE SME

AIK Pipes and Polymers Limited will launch its IPO on December 26. The three-day subscription window for SME IPO will close on December 28.

The company is offering equity shares at a fixed price of Rs 89 with a total issue size of 16,88,000 shares. Investors can bid for 1,600 shares in one lot and in multiples thereof. The Rs 15.02 crore IPO is entirely a fresh issue.

On Friday, December 29, 2023, the allotment for the AIK Pipes and Polymers IPO is anticipated to be completed, and on Monday, January 1, 2024, the shares will be credited to the bidders' demat accounts. The proposed listing date for the AIK Pipes and Polymers Initial Public Offering (IPO) is Tuesday, January 2, 2024, on BSE SME.

The company has reserved 50 per cent of the net issue for retail investors and the remaining 50 per cent is reserved for others. Shreni Shares Limited is the book-running lead manager to the IPO, while Skyline Financial Services is the registrar.

AIK Pipes and Polymers Limited was incorporated in 2017. It is a leading manufacturer of pipes, HDPE fittings, MDPE pipes and PPR pipes for the water distribution, gas transmission, sewerage systems and telecommunication sectors.

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

"The industry fundamentals remain strong, and we expect continued growth with a firm commitment to strengthening India's infrastructure needs", the company said in a statement.

For the financial year that ended on March 31, 2020, the company reported a PAT of Rs 187.74 lakh, up from Rs 87.90 reported for the financial year that ended on March 31, 2022.

The revenue in FY2023 increased to Rs 3,077.92 lakh from Rs 2,090.84 lakh reported in the previous financial year. The net worth as of March 31, 2023, stood at Rs 560.50 lakh.

Also, AIK PIPES anticipates a continued trajectory of robust growth with a strong order book.