Upcoming IPO: The Bombay Stock Exchange 9BSE) has given in-principal approval to Malpani Pipes and Fittings Limited to launch an initial public offering. According to the Malpani Pipes and Fittings DRHP, the BSE has approved the launch of this public Issue, which aims to raise ₹25 crore. The BSE approval has paved the way for listing up to 30,00,000 company shares on the BSE SME platform. Interactive Financial Services has been appointed lead manager of the public Issue, while Bigshare Services Private Limited has been appointed official registrar of the SME IPO.
“Our Company has received an In Principal Approval Letter dated (24/12/2024) from BSE Limited (BSE) for using its name in this offer document for a listing of our shares on the SME Platform of BSE Limited. For this Issue, the designated Stock Exchange will be the BSE Limited,” claims Malpani Pipes and Fittings in DRHP.
Net proceeds
The net proceeds of the upcoming IPO will be used for capital expenditures on plant and machinery, debt repayment, and general corporate purposes.
“Our Company propose to utilize ₹3.50 crore towards purchasing capital equipment, based on our current estimates. The specific number and nature of such equipment to be purchased by our Company will depend on our business requirements and the details of our capital equipment to be purchased from the Net Proceeds, which will be suitably updated at the time of filing of the Draft Red Herring Prospectus with the RoC. The orders for the machinery have not been placed, and all the machines are new ones,” the Company said.
Company promoters
Our Company’s promoters are Rohit Malpani, Harsh Malpani, and Mohit Malpani. On April 25, 2024, the Company increased its authorized share capital from ₹7.50 crore, 75 lakh Equity shares of ₹10 each, to ₹12 crore, 1.20 crore Equity shares of ₹10 each.
The Company has a history of allocating bonus shares. According to the DRHP, page 16, on August 31, 2024, the company allotted 54,67,500 equity shares as bonus shares.
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