Surani Steel Tubes announces launch of initial public offering
25/01/2019 11:10
Surani Steel Tubes Ltd. has announced public offering of 2484000 shares at a price of Rs 10.00 each for Cash at a Premium of Rs 42.00 per share. The gross proceeds of the issue are expected to be Rs 1,291.68 lakhs.

The company's initial public offer (IPO) will open on 25 January 2019 and is expected to close on 29 January 2019, subject to customary closing conditions. The price band of the issue has been fixed at Rs 51.00-52.00 per share.

The IPO includes a fresh Issue of 2484000 Equity Shares of the Company at an price of Rs 52.00 per Equity Share. The company has fixed the minimum bid lot for the issue at 2000 shares with bids in multiples of 2000.

Surani Steel Tubes Ltd. anticipates using the proceeds of the issue for Funding The Working Capital Requirements Of The Company And, General Corporate Purposes.

Pantomath Stock Brokers Pvt. Ltd. as lead manager & LINK INTIME INDIA PRIVATE LIMITED is the registrar, to the issue.