Tulsi Extrusions will debut on the stock exchanges on Monday, 25 February 2008 at an issue price of Rs Rs. 85 per share. The company had set a price band of Rs 80-85 a share. The IPO price of Rs 85, discounts the year ended March 2007 EPS of Rs 3.3 by a PE multiple of 25.75.
The IPO of Tulsi Extrusions, which closed on 5 February 2008, was subscribed by 2.08 times. The issue received bids for 1.18 crore shares as against 57 lakh shares on offer.
The qualified institutional buyers (QIBs) portion was subscribed 1.54 times, the non institutional investors portion 3.10 times and the retail investors portion 2.45 times. The portion reserved for employee was subscribed 1.06 times.
The company makes PVC pipes in its manufacturing facility based in Maharashtra. Its product offerings include PVC Pipes, PVC fabricated fittings, PVC casing and screen pipes, ASTM plumbing pipes, LLDPE pipes, HDPE pipes and elastomeric sealing pipes. These ranges of product are used in irrigation sector, industrial sector, infrastructure and housing sector.
The company intends to use the issue proceeds for expanding manufacturing capacity for pipes and moulded fittings at Jalgaon, and for working capital requirements, it said in its draft prospectus.
Tulsi Extrusions reported a profit after tax of Rs 4.16 crore on sales of Rs 59.16 crore in the year ended March 2007.|