Mumbai: India’s leading stock exchange, NSE, has listed Hi -Tech Pipes Limited (HPL). The issue was subscribed 2.64 times- making it the highest ever subscribed issue to get listed on the Emerge platform. Emerge is the electronic marketplace for listed SME companies in NSE. On listing, the issue opened at Rs 60 today- a 20% premium to its offer price.
As per the company documents, HPL – an ISO 9001 certified company, produces steel pipes, hollow sections, tubes, cold rolled coils, road crash barriers, solar mounting structures and strips and a variety of other galvanized products. HPL has two manufacturing units in Sikandrabad industrial area located in Uttar Pradesh and a recently commissioned 3rd unit in Sanand, Gujarat.
The public issue was for Rs 13.65 crores comprising 27.30 lakh equity shares at a price of Rs. 50 per share. Of total issue size, 1.38 lakh shares were reserved for subscription by market maker. The net issue offered to public was for 25.92 lakh equity shares. The issue was open from Feb 15, 2015 to Feb 19, 2016 and got good responses from the investors in spite of volatile market conditions. “The SME segment at NSE has got some of the fast growing companies in India and the segment is now becoming popular with the investors. We are sure that many of them will eventually progress to the mainboard”, said Mr. Ravi Varanasi, Chief- Business Development, NSE.
“It is our privilege today to join the NSE’s SME platform. We are overwhelmed by the response we got for our IPO and our heartfelt thanks to our investors. We would strive hard to excel in our performance and live up to our investors’ expectations”, said Mr. Ajay Kumar Bansal, MD, HPL. HPL is the 13th listing on NSE SME platform with an IPO and the 34th overall. Sarthi Capital Advisors Limited was the sole and lead managers to the issue.
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