Aik Pipes & Polymers
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 26 Dec 2023 – 28 Dec 2023
- Listing date
- 02 Jan 2024
- Face value
- ₹10 per share
- Issue price
- ₹89 per share
- Lot size
- 1,600 shares
- Total issue size
- ₹15.02 Cr
- Market cap at offer price
- ₹56.63 Cr
- Promoter holding
- 100.00% → 73.47% pre-issue → post-issue
- ISIN
- INE0QFT01015
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Shreni Shares Ltd.
- Registered office
- F-9 Vinayak Enclave, Vaishali Nagar, Rajasthan
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Market maker | 84,800 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹89
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,42,400 |
| S-HNI (min) | 2 | 3,200 | ₹2,84,800 |
| S-HNI (max) | 7 | 11,200 | ₹9,96,800 |
| B-HNI (min) | 8 | 12,800 | ₹11,39,200 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.13 | — |
| P/E (×) | 21.55 | — |
| Market cap | — | ₹56.63 Cr |
Key performance indicators
- Return on net worth
- 33.50%
- ROCE
- 17.90%
- Debt / equity
- 0.96
- PAT margin
- 6.16%
- NAV per share
- ₹43.96
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Aik Pipes & Polymers
AIK Pipes and Polymers Limited ('AIK') was originally incorporated on September 19, 2017 in Jaipur, Rajasthan as a private limited company and was converted into a public limited company vide fresh certificate of incorporation dated June 19, 2023. The company manufactures a comprehensive range of HDPE pipes & coils, HDPE fittings, HDPE sprinkler systems, MDPE pipes and PPR pipes used for potable water supply, irrigation, bore wells, drainage, sewerage and infrastructure projects, marketed under the 'AIK Pipes' brand. Its fully automated manufacturing facility at Govindam Industrial Park, Syau, Govindgarh (Jaipur) sits on about 10,000 sq. meters, and the company holds ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, ISO 50001:2018 and BIS IS 4984:2016 certifications, with approvals from agencies including BIS, CIPET, Indian Oil Corporation and GAIL; it is a registered vendor with the Public Health Engineering Department and Rajasthan Water Supply & Sewerage Management Board across Rajasthan. AIK earns money through order-driven domestic sales (revenue split is 100% domestic), with top-ten customers contributing approximately 99.78%-100% of revenue; revenue from operations grew from ₹1,008.26 Lakhs in FY2021 to ₹2,042.25 Lakhs in FY2022 and ₹3,048.23 Lakhs in FY2023 (PAT of ₹187.74 Lakhs), with HDDE-free HDPE pipes & coils alone contributing 98.20% of income from operations in the quarter ended June 30, 2023. Capacity utilization was 67.63%-77.28% over FY2021-FY2023, and the IPO proceeds will fund working capital (₹900 Lakhs), a new Windsor Make Twin Screw pipe extrusion line (₹103.02 Lakhs), general corporate expenses and public issue expenses.
Company Analysis
from DRHPAIK Pipes and Polymers Limited is an ISO- and BIS-certified Jaipur-based manufacturer of HDPE pipes, HDPE fittings, MDPE pipes and PPR pipes for water distribution, gas transmission, sewerage and telecom applications.
AIK Pipes and Polymers Limited ('AIK') was originally incorporated on September 19, 2017 in Jaipur, Rajasthan as a private limited company and was converted into a public limited company vide fresh certificate of incorporation dated June 19, 2023. The company manufactures a comprehensive range of HDPE pipes & coils, HDPE fittings, HDPE sprinkler systems, MDPE pipes and PPR pipes used for potable water supply, irrigation, bore wells, drainage, sewerage and infrastructure projects, marketed under the 'AIK Pipes' brand. Its fully automated manufacturing facility at Govindam Industrial Park, Syau, Govindgarh (Jaipur) sits on about 10,000 sq. meters, and the company holds ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, ISO 50001:2018 and BIS IS 4984:2016 certifications, with approvals from agencies including BIS, CIPET, Indian Oil Corporation and GAIL; it is a registered vendor with the Public Health Engineering Department and Rajasthan Water Supply & Sewerage Management Board across Rajasthan. AIK earns money through order-driven domestic sales (revenue split is 100% domestic), with top-ten customers contributing approximately 99.78%-100% of revenue; revenue from operations grew from ₹1,008.26 Lakhs in FY2021 to ₹2,042.25 Lakhs in FY2022 and ₹3,048.23 Lakhs in FY2023 (PAT of ₹187.74 Lakhs), with HDDE-free HDPE pipes & coils alone contributing 98.20% of income from operations in the quarter ended June 30, 2023. Capacity utilization was 67.63%-77.28% over FY2021-FY2023, and the IPO proceeds will fund working capital (₹900 Lakhs), a new Windsor Make Twin Screw pipe extrusion line (₹103.02 Lakhs), general corporate expenses and public issue expenses.
Objects of the Issue
- To Meet Working Capital Requirement ₹900 Lakhs (59.91% of total issue size) p.77
- To Meet the Capital Expenditure (purchase of Windsor Make Twin Screw pipe extrusion Line Model for capacity expansion) ₹103.02 Lakhs (6.86% of total issue size) p.79
- General Corporate Expenses ₹299.30 Lakhs (19.92% of total issue size) p.80
- Public Issue Expenses ₹200.00 Lakhs (13.31% of total issue size) p.80
Issue Structure
- Total Issue
- 16,88,000 Equity Shares aggregating to ₹1502.32 Lakhs (constituting 26.53% of post-Issue paid-up equity capital)
- Fresh Issue
- 16,88,000 Equity Shares aggregating to ₹1502.32 Lakhs (entire issue is a fresh issue; includes Market Maker Reservation Portion of 84,800 Equity Shares aggregating ₹75.47 Lakhs)
- Offer for Sale
- N.A.
- Price Band
- Fixed Price Issue - ₹89/- per Equity Share (including a share premium of ₹79/- per Equity Share)
- Lot Size
- 1,600 Equity Shares and in multiples thereof
- Face Value
- Rs. 10/- per Equity Share
Business Model
The Company earns revenue by manufacturing and selling HDDE-free HDDE pipes & coils, HDPE sprinkler systems, MDPE pipes and PPR pipes on an order-driven basis, predominantly to domestic customers including government organizations (it is a registered vendor with the Public Health Engineering Department and Rajasthan Water Supply & Sewerage Management Board all over Rajasthan). Raw materials (virgin HDPE material of grades PE100, PE80, PE63) are sourced from petrochemical suppliers such as Indian Oil (IOCL), Gas Authority of India Ltd (GAIL), Reliance Industries and international players like SABIC, Lyondell Basell and Borouge. Revenue from operations was ₹1,377.17 Lakhs for the period ended June 30, 2023 and ₹3,048.23 Lakhs in FY2023, entirely from the domestic market.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Imran Khan | Promoter (Chairman cum Managing Director) | 72.73% | 53.43% |
| Ms. Tahira Sheikh | Promoter (Whole-Time Director & CFO) | 10.37% | 7.62% |
| Ms. Janif Bano | Promoter Group | 15.29% | 11.24% |
| Mr. Islamuddin Khan | Promoter Group | 1.56% | 1.15% |
| Mr. Mohammad Hanif Khan | Promoter Group (Non-Executive Director) | 0.01% | 0.01% |
| Mr. Tahir Sheikh | Promoter Group | 0.01% | 0.01% |
| Mr. Gaurav Walia | Promoter Group | 0.02% | 0.02% |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.