Texmo Pipes and Products Ltd's IPO opens on February 16

By ENN, Ahmedabad: Madhya Pradesh - based pipes manufacturing company, Texmo Pipes and Products Limited, will enter the capital markets with its proposed public issue of 50,00,000 equity shares. Of the 50,00,000 equity shares up to 1, 00,000 equity shares will be reserved for the company's employees. The company has fixed the price band at Rs. 85 to Rs. 90 per equity share for the initial public offering of equity shares. This Issue is being made through a 100% Book Building Process. The IPO closes on 19th February, 2010. Almondz Global Securities Limited is the sole book running lead manager to the Issue.

The main purpose of the IPO is to raise funds towards the expansion of its product range and also to set up manufacturing facilities for injection mouldings / fittings and woven sacks. The company proposes to expand its product range by introducing products like CPVC, Drip Inline and DWC pipes. With this increase in product range, the installed capacity of the company would be 41674 MTPA for PVC pipes.