Texmo Pipes hits floor with a premium of 13%

Pipe manufacturer Texmo Pipes and Products today hit the floor with a premium of nearly 13 per cent at Rs 101.50 on the BSE, over its issue price.

Shares of the pipe manufacturer after opening firm on the Bombay Stock Exchange, surged 40.88 per cent to a high of Rs 126.80, over its issue price at Rs 90 per share. The company will offer 1.12 crore shares to the public.

Similarly, on the National Stock Exchange opened up 3.11 per cent at Rs 92.80.

The proceeds of the issue are intended to be deployed for expansion of product range, setting up of manufacturing facilities and meeting long-term working capital requirements.

 

Pipes manufactured by the company are used in various fields including irrigation, agriculture and portable water supply schemes.