Precision Pipes to raise Rs 75 cr via IPO

New Delhi, July 22: Precision Pipes and Profiles Company Ltd (PPAP) has said it will enter the capital market with an initial public offering of Rs 75 crore through a 100 per cent book building process.

The fund raised will be utilised to enhance in-house tool manufacturing and designing capability and increase production capacity at its existing plant at Noida, a statement said.

Besides, the company plans to set up two new plants for manufacturing of auto components and electrical outlet system products at Greater Noida and Badarpur respectively.

It has filed its Draft Red Herring Prospectus with SEBI.

The company's product range includes weather strips, trim door opening, windshield molding and roof moulding etc. It also manufactures PVC based customised profiles for white goods and other industries.

UNI