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Surani Steel Tubes plans to raise ₹13 crore through an initial public offering on the NSE SME platform. The issue, which opens on Friday, will close on Tuesday.
The company will offer 24.84 lakh shares of ₹10 each for cash in the price band of ₹51-52 an equity share aggregating to ₹12.92 crore. Minimum application is fixed at 2,000 shares and in multiples thereon. It is engaged in the manufacturing of electric resistance welding mildsteel pipes in various specifications and sizes.
The plant of Surani Steel Tubes is located at Gandhinagar in Gujarat and has installed capacity of 25,000 tonnes a year. The company plans to increase production capacity to 40,000 tonnes a year. Surani has entered into arrangements with over 300 dealers across Gujarat for selling and marketing its products.
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