Hi-Tech Flow Solutions has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The proposed IPO comprises a fresh issue of up to Rs 300 crore and an offer-for-sale by promoters and an investor.
Proceeds from the fresh issue worth around Rs 126 crore will be utilised for setting up an API-grade HSAW pipe manufacturing unit along with a 3LPE coating unit within its existing Nagpur facility; Rs 90 crore will be used for debt payment, and a portion will be allocated for general corporate purposes. InCred Capital Financial Services and Pantomath Capital Advisors are the book-running lead managers of the issue.
Incorporated in 1993, Hi-Tech Flow Solutions manufactures and supplies Helical Submerged Arc Welded (HSAW) pipes with varied applications. It provides flow solution products across 17 states and 2 Union territories in India, through its manufacturing facilities at Sanand, Gujarat and Nagpur, Maharashtra.
