Malpani Pipes And Fittings IPO: The initial public offering (IPO) of Malpani Pipes And Fittings opened for subscription today, Wednesday, January 29 and will close on Friday, January 31. The company, which aims to raise ₹25.92 crore through the SME IPO, has set a price band of ₹85-90 per share.
Malpani Pipes And Fittings Day 1 Subscription Status
Malpani Pipes And Fittings IPO was booked 2.85 times by 12 noon on Day 1. Investors bid for 55.2 lakh shares as against 19.34 lakh shares on offer. The retail portion of the public issue was subscribed 4.51 times while the Non-Institutional Investors’ (NII) category received 2.85 times bids. The QIB quota was bid just 0.02 times by this period.
Malpani Pipes And Fittings GMP today
The company’s shares in the grey market traded at a premium of ₹28. This indicates an estimated listing price of ₹118, up 31.11 percent from the IPO price of ₹90. It was same in the previous session but up from ₹25 on January 27.
However, one must note that grey market premium is only an indicator of how the company’s shares are performing in the unlisted market and can change quickly.
Malpani Pipes And Fittings IPO details
The issue is a entirely a fresh issue of 28.80 lakh shares with no offer-for-sale component. For prospective investors, the minimum lot size for application is 1,600 shares and in multiples thereof. Retail investors are required to invest a minimum amount of ₹1.44 lakh to participate in the offering.
The issue raised ₹7.20 crore from anchor investors ahead of IPO, on January 28.
The company plans to allocate the Net Proceeds from the issue toward capital expenditure for purchasing machinery, debt repayment, and general corporate purposes.
The company has reserved not more than 20 percent of the net offer for the qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will around 15 percent of the net offer. The up to 35 percent of the net offer will be allocated towards retail investors of the issue.
Interactive Financial Services Ltd is the book running lead manager of the Malpani Pipes IPO, while Bigshare Services Pvt Ltd is the registrar for the issue. The market maker for Malpani Pipes IPO is Mnm Stock Broking Private Limited.
The allotment for the Malpani Pipes And Fittings IPO is expected to be finalised on Monday, February 3. The IPO will list on BSE SME with the tentative listing date fixed as Wednesday, February 5.
About the firm
Established in 2017, Malpani Pipes and Fittings Limited specializes in manufacturing high-grade plastic pipes. The company produces High-Density Polyethylene (HDPE), Medium-Density Polyethylene (MDPE), and Linear Low-Density Polyethylene (LLDPE) pipes under its brand “Volstar.” In addition to manufacturing, it is engaged in trading granules and PVC pipes while also offering various services. Its product range caters to applications in irrigation, water supply, sewerage, drainage, boreholes, tube wells, and infrastructure projects such as electrical cable and optical fiber installations.
