January 24, 2025
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Subscription status of Malpani Pipes IPO
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H. M. Electro Mech IPO (Day 1) Price Rs. ? Lot ? shares, Rs. ?Crore |
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| QIB | NII x | RII x | Total x | Applications |
| Amount wise bids recd. Rs. ? Crore | ||||
| Note: | ||||
What is the business of Malpani Pipes?
Malpani Pipes and Fittings Limited, established in 2017, specializes in manufacturing high-quality plastic pipes. The company offers a range of products including High-Density Polyethylene (HDPE) Pipes, Medium-Density Polyethylene (MDPE) Pipes, and Linear Low-Density Polyethylene (LLDPE) Pipes, all sold under its brand “Volstar.” In addition to manufacturing pipes, the company also trades in granules and PVC pipes and provides a variety of related services.
The company’s pipes are designed for multiple applications such as irrigation, water supply, sewerage, drainage, boreholes, tube wells, and infrastructure projects, including the installation of electrical cables and optical fibers.
Located in Ratlam, Madhya Pradesh, the company’s manufacturing facility is well-equipped with state-of-the-art machinery and an in-house testing laboratory. It operates 10 production lines with an annual capacity of 11,500 metric tons. The company supplies its products to wholesalers, retailers, authorized contractors for government projects, and farmers under welfare initiatives.
Product Range:
- HDPE Pipes: Ranging from 20mm to 2000mm in size, these pipes are known for their strength, durability, and chemical resistance, making them ideal for water supply, irrigation, and industrial piping applications.
- MDPE Pipes: These pipes are flexible, corrosion-resistant, and durable, commonly used in water supply, gas distribution, irrigation, mining, and construction projects for reliable performance.
- LLDPE Pipes: Made from premium HDPE, LLDPE pipes are durable, flexible, and corrosion-resistant, suitable for irrigation, water supply, and drainage systems.
- Drip Irrigation Pipes: Designed to efficiently deliver water directly to plants, these pipes conserve water and promote healthy growth in agriculture, horticulture, and commercial applications.
As of December 31, 2024, Malpani Pipes and Fittings Limited employed 51 full-time staff members and 30 contract-based workers.
Get more information about the company @ http://www.malpanipipes.com/
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Malpani Pipes IPO Details |
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| IPO opens on | 28 January 2025 |
| IPO closes on | 31 January 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 2880000 Shares / Rs 25.92 Crore |
| * Fresh Issue | 2880000 Shares / Rs 25.92 Crore |
| * Offer for Sale – | – shares / Rs. – crore |
| Market Maker Portion | 145600 Shares |
| Net offer to Public | 2734400 Shares/ Rs 24.60 Crore |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 85-90 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 1600 Shares |
| Listing will at | BSE SME |
Shares offered in IPO |
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| Shares | Rs. (Crore) | |
| QIB (50%) | 1367200 | 12.30 |
| HNI (15%) | 410160 | 3.69 |
| RII (35%) | 957040 | 8.61 |
| Total Shares | 2734400 | 24.60 |
| Retail portion will be oversubscribed by |
599 | |
| Forms | ||
| How much Shares to Apply in this IPO? | ||
| Min Retail Application | 1600 Shares | Rs.144000 |
| Min HNI Application | 3200 Shares | Rs. 288000 |
Who are the Promoters of Malpani Pipes?
Rohit Malpani, Harsh Malpani and Mohit Malpani are the promoters of the company.
What are the Objects of Malpani Pipes IPO?
The Offer comprises of fresh issue of shares.
The company intends to utilize the Net Proceeds from the issue towards the following objects:
- Capital Expenditure for purchase of machineries.
- Repayment of Debt
- General Corporate Purpose
Tentative timetable |
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| IPO opens on | 29 January 2025 |
| IPO Closes on | 31 January 2025 |
| IPO Allotment on | 3 February 2025 |
| Refund Initiation | 4 February 2025 |
| Credit of Shares | 4 February 2025 |
| Listing on | 5 February 2025 |
| Registered Office of the Company Malpani Pipes And Fittings Limited 65-A, Sector B Industrial Area, Ratlam 457001 |
| Who is the Lead Manager of this IPO? Interactive Financial Services Ltd |
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Who is the Registrar to IPO? |
Malpani Pipes IPO GMP grey market premium, review, Subscription, allotment, listing estimate
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Malpani Pipes IPO Financial & Analytical Ratios |
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| Year | Total Income |
Net Profit |
EPS | RoNW |
| Rs.in Crore | Rs.in Crore | Rs. | % | |
| 2021-22 | 34.94 | 0.89 | ||
| 2022-23 | 82.57 | 2.08 | ||
| 2023-24 | 141.16 | 7.40 | 9.37 | ? |
| Book Value of the Share on 31.03.2024 |
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| BV of the Share at cap price after IPO |
Rs. | |||
| Offer Price/upper band | Rs. | 90 | ||
Key Performance
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| Price/EPS of 23-24 | 9.60 |
| Price/BV Ratio | |
| Debt/Equity Ratio | 2.04 |
How Malpani Pipes IPO compares with the Peers?
| As per RHP | FV | PE | RoNW |
| Ratio | Ratio | ||
| Malpani Pipes | 10 | 9.60 | 24.96 |
| Aik Pipes | 10 | 38.90 | 2.62 |
| Kriti Industries | |||
# This is only coverage of News related to Grey Market Premium & subject to rates. We do not deal in grey market premium. We do not recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.
Malpani Pipes IPO Review by Paresh Gordhandas, CA & Research Analyst.
Malpani Pipes and Fittings Limited, established in 2017, specializes in manufacturing high-quality plastic pipes. The company offers a range of products including High-Density Polyethylene (HDPE) Pipes, Medium-Density Polyethylene (MDPE) Pipes, and Linear Low-Density Polyethylene (LLDPE) Pipes, all sold under its brand “Volstar.”
Teh size of the IPO is not very large and with 599 applications, retail portion can get one time subscribed.
The company has shown sharp rise in the topline and bottomline during 20223-24 (net profit of Rs. 7.40 crore during 2023-24 as compared to net profit of Rs. 2.08 crore during 2022-23). As on 30.11.2024, it has long term borrowings of Rs. 13.71 crore and short term borrowings and trade payables at Rs. 57.10 crore. The company has shown EPS of Rs. 37.17 for the year 2023-24. However the management has issued 5467500 shares as bonus shares during August 2024 and accordingly the equity capital has expanded to 7897500 shares and one must rework the EPS which works out to Rs. 9.37 on the expanded equity capital. The shares are offered at PE multiple of 9.60. If we compare the same with peer group companies, the offer price seems to be reasonable.
The lead manager: Interactive Financial Services ltd has positive/negative listings ratio of 13:8.
+ from fundamental angle: OK.
+ from grey market angle:
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