Mumbai: East Pipes Integrated Company for Industry (EPIC), a joint venture of Welspun Corp Ltd, on Monday listed on the Tadawul, the stock exchange in Saudi Arabia, at a premium of 10% on its offer price.
The company’s market capitalization at the opening price stood around Rs 3,700 crores. Post the public market debut, Welspun Corp owns about 35% in EPID through a Mauritius-based step-down subsidiary.
Welspun Holdings Mauritius will receive gross proceeds of SAR 252 million (Rs 500 crore approx), subject to applicable taxes and expenses, as per a press statement.
“The resounding success of the IPO, as reflected in the high oversubscription across both the institutional and individual segments as well as its pricing at the upper band of range, mirrors the trust and confidence of the investor community in EPIC’s value proposition,” Vipul Mathur, the managing director and chief executive of Welspun Corp Ltd. said in a press statement.
“The IPO is part of EPIC’s overall corporate development strategy to institutionalise the company, strengthen its brand and anchor its competitive position as a leader in the pipes industry market, as part of its next phase of growth,” he said.
EPIC manufactures helical submerged arc welded pipes in Saudi Arabia.
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