Swastik Pipes Limited launched its initial public offering (IPO) on September 26 at Rs 97-100 per share. It will be public on September 29 and close on October 3. This time, 62.52 lakh shares were issued, and 314,400 shares were reserved for market makers.

The company will raise Rs 62.52 crore through a public offering for working capital, general corporate purposes and issuance expenses.

Driven by Sandeep Bansal, Anupama Bansal, Shashwat Bansal and Geeta Devi Aggarwal, Swastik Pipes has been manufacturing and exporting mild steel, and carbon steel electric resistance welded black and galvanised pipes since 1973. It has two factories in Haryana and Uttar Pradesh.

Swastik Pipe also diversifies its business by manufacturing solar module mounting structures, transmission towers, steel pipe poles and solar poles, especially for railways, scaffolding, formwork and crash barriers.

For the year ended March, the company posted a net profit after tax of Rs 20.41 crore on revenue of Rs 608.7 crore, compared to Rs 1.48 crore on revenue of Rs 522.17 crore in the previous fiscal.

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Corporate Capitalventures is the book runner for the offering, and Skyline Financial Services is the registrar for the offering.