As part of the nationwide crackdown on Initial Public Offerings (IPO), the Securities Exchange Board of India (SEBI) has barred Tijaria Polypipes (TPL) as well as several individuals and stock brokers from accessing the securities market

Earlier, SEBI had received a complaint alleging insider trading and artificial volumes had caused huge losses to retail investors. An investigation exposed a shocking tale of manipulation and deceit through the collusion with certain retail and qualified institutional buyers (QIBs). The three QIBs—Sparrow Asia Diversified Opportunities Fund, Credo India Thematic Fund (CREDO), and IPRO Funds were clearly allowed to exit the stock on listing day at a premium to the issue price. They had exited at an average price of Rs.62 per share, while the stock closed at Rs18.10 towards the end of the day

Indian IPO Blog Insights had recommended a clear avoid to the issue. Click here to read Indian IPO Blog Insight on the IPO

Tijaria Polypipes Limited IPO has been subscribed 1.20 times as per the advertisement in a leading newspaper. The reserved portion of Retail Investors and Non-Institutional Investors was subscribed 1.73 times and 0.68 times respectively

Tijaria Polypipes manufactures high-grade HDPE, MDPE and LDPE plastic pipes and sprinkler systems under the brand names of Tijaria and Vikas. Its products are used in irrigation, telecommunication, industrial, infrastructure and housing sectors

Tijaria Polypipes IPO is a Fixed Price Issue with Equity Shares offered at an Issue Price of Rs.60/- per share for shares having a Face Value of Rs.10/- each. Tijaria Polypipes Ltd is an ISO 9001:2000 Certified company engaged in the business of plastic pipes. Tijaria is manufacturing of pre-lubricated HDPE pipes (PLB HDPE), PVC & SWR pipes, sprinkler pipes and systems, flat tubes, fittings and PET straps under the registered brand name of Tijaria and Vikas. The company produces a big product range in the field of plastics, HDPE sprinkler, drip irrigation, micro irrigation, telecommunications etc.

The subscription status of Fixed Priced Issue would be updated after the closure of the issue. The IPO would close for subscription on September 29, 2011

Check back Indian IPO Blog for more on Tijaria Polypipes IPO!

Issue opens from: Tuesday, September 27, 2011
Issue closes on: Thursday, September 29, 2011
Issue Type: Fixed Price Issue IPO
Issue Price: Rs.60 per equity share
Bid Lot: 100 Equity Shares and in multiples thereof
IPO Rating: IPO Grade 2 from ICRA
Lead Manager: Hem Securities Limited
Registrar: Sharex Dynamic (India) Pvt. Ltd.