IPO Of Precision Pipes Subscribed 7.21 Times

The IPO of Precision Pipes was subscribed 7.21 times on the Thursday. The IPO issue got bids for 3.86 Crore shares as compared to 53.57 lakh and the issue was priced between Rs140 and Rs150 per share. The company plans to raise around Rs 75 crore from the issue, and use the proceeds towards setting up two new manufacturing plants for auto components and electrical outlet system products for Power and Data Corporation of Australia.The company also plans to use the funds to part-finance the doubling of capacity to 9.9 million kg by 2008-09 at a total outlay of Rs 94.6 crore.