Today is the last day for the subscription to Pipe maker AIK Pipes and Polymers Initial Public Offering (IPO), which opened on Tuesday i.e. December 26. The company has fixed a price of Rs 89 per share for its IPO. 

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The initial share sale is entirely a fresh issue of 16.88 lakh equity shares and the company aims to raise about Rs 15.02 crore from the IPO, AIK Pipes said in a statement. Shares will be listed on the BSE-SME platform.

As per the information available and Angle Broking, the issue was subscribed 4.70 times on the second day of the subscription i.e. December 27. The subscription status of the SME IPO was 1.19 times on day 1.

While the IPO was subscribed 6.96 times, the retail portion was booked 10.14 times and 1.79 times in the NII category at the time of writing the report. 

Proceeds from the issue will be used for capital expenditure, meeting working capital requirements, and general corporate expenses, it said. Shreni Shares Ltd is the book-running lead manager to the issue, while Skyline Financial Services is the registrar for the IPO.

Jaipur-based AIK Pipes and Polymers is a leading manufacturer of MDPE (Medium Density Polyethylene) pipes and PPR (Polypropylene Random) pipes meant for water distribution, gas transmission, sewerage systems and telecommunication sectors.

With PTI inputs