The initial public offer of Precision Pipes and Profiles Company, a Delhi-based OEM supplier to the automobile industry, has received good response, subscribed 9.97 times, till 5 pm, as per NSE website.
The public issue received bids for 5.34 crore equity shares as against 53.57 lakh shares on offer.
The company had entered capital market with an public issue of shares of face value of Rs 10 each at a price band of Rs 140-150 per equity share.
The company is hoping to raise around Rs 75 crore from the issue to fund its expansion initiatives.
Post the issue, the promoter and promoter group holding would be reduced to between 62.69 and 64.29 per cent.
The company is currently in the process of increasing its production capabilities from 4.75 million kg to 9.14 million kg by 2008-09. It is also setting up a new plant for manufacturing of auto components and also a new plant for electrical outlet system products for Power and Data Corporation Pty Ltd, Australia.
UTI Securities Limited and Nexgen Capitals Limited are book running lead managers while Intime Spectrum Registry is registrar to the issue
Source: Moneycontrol.com
Thursday, December 20, 2007
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