Thursday, May 23, 2024

SWASTIK PIPE TO RAISE RS 62.52 CRORE THROUGH NSE EMERGE, ISSUE OPENS

Swastik Pipe Ltd, a speiclised pipe manufacturer, is entering the capital market with initial issue of 62.52 lakhs equity shares of the face value of Rs 10 each fully paid-up shares through the book-building process. The issue opens for bidding on September 29, 2002 (Thursday) and close on October 03, 2022 (Monday). Fifty per cent of the issue will be reserved for HNIs, and 50 per cent for the issue has been reserved for retail investors.

As on August 31, 2022, Swastik Pipe pending order book position stood at Rs 300 crore. This is in addition to running orders which the company is executing. Promoted by Sandeep Bansal, Swastik Pipe’s manufactures and exports mild steel and carbon steel electric-resistance-welded (ERW) black and galvanized pipes and tubes since 1973. Presently, 30% of Swastik Pipe’s sales account for direct to dealers while 50% are direct to corporates and OEMs. It has been a preferred partner to State Governments of Jammu, Kashmir and HP for the National Jal Jeevan Mission and start producing value-added products such as structural for solar poles, special structures for Railways, Road crash barriers and exports.

“With the free flow of working capital (post-issue) and a growing focus on value-added products, the company will aim at higher direct-to-corporate and export revenues. At the same time, we are looking to derisk our dependence on Northern India market by doubling its current dealership base of 110+ by 2025, Sandeep Bansal, Managing Director, Swastik Pipe said to a group of investors. He also added, “We would also invest in brand recall to drive higher regional sales across the country.”

Recognized by the Ministry of Commerce & Industry as a One Star Export House, the company is planning to go for green energy generation through solar rooftop panels in the near future for additional cost optimisation in both the plants Its key customers include Reliance Industries, BHEL, Coal India, DMRC, EIL, Hindustan Zinc, L&T, NALCO, NTPC, ABB Ltd. etc. It’s marquee customers spread over many countries ranging from USA, UK, UAE, Australia, Qatar, Germany, Belgium, Mauritius, Ethiopia and Kuwait.

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