Texmo Pipes & Products attracts 52% premium

Settles at Rs 137.25 on BSE

Texmo Pipes & Products closed at Rs 137.25 on the BSE, at a premium of 52.5% over the initial public offer price of Rs 90.

The stock debuted at Rs 101.50, a 12.80% premium over the initial public offer (IPO) price. On BSE, 3.36 crore shares were traded on the counter. The stock hit a high of Rs 140.70 and a low of Rs 101.50.

The initial public offer (IPO) of Texmo Pipes & Products closed on 19 February 2010, with an oversubscription of 7.48 times. The company offered 50 lakh shares in a price band of Rs 85-Rs 90 per share.

The Madhya Pradesh-based pipes manufacturing company plans to deploy the funds for the expansion of its product range and also to set up manufacturing facilities for injection mouldings/fittings and woven sacks.

Texmo Pipes & Products manufactures PVC and HDPE pipes.