Welspun Corp rose 1.90% to Rs 182.40 after the company said its Saudi Arabia-based joint venture has launched its initial public offering in the region.Welspun Corp's joint venture (JV) East Pipes Integrated Company (EPIC) has launched its initial public offering (IPO) on the Saudi stock exchange. The bidding and book-building period for participating investors is between 11th to 17th January 2022. The price band has been set at SAR (Saudi riyal) 72-80 per share.
EPIC is offering 63 lakh shares, representing 30% of its share capital, by way of selling existing shares by the current shareholders.
In October 2021, Welspun Corp informed that the divestment of shares will be done by the JV partners in proportion to their shareholding in EPIC.
Welspun Corp currently holds 50.01% in the JV through its overseas subsidiary. Post the proposed listing, Welspun Corp's shareholding will not fall below 35% in the JV and it would continue to be the largest shareholder, it said.
Upon completion of the book-building process, the listing of EPIC is to take place on the Saudi Stock Exchange or Tadāwul.
On a consolidated basis, net profit of Welspun Corp declined 43.11% to Rs 84.90 crore on 15.61% rise in net sales to Rs 1265.31 crore in Q2 September 2021 over Q2 September 2020.
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Welspun Corp is a one-stop service provider offering end-to-end pipe solutions.
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