Pipe maker AIK Pipes and Polymers on Sunday said it has fixed a price of Rs 89 per share for its Initial Public Offering (IPO), which will open for public subscription from December 26-28.

The initial share-sale is entirely a fresh issue of 16.88 lakh equity shares and the company aims to raise about Rs 15.02 crore from the IPO, AIK Pipes said in a statement.

Proceeds from the issue will be used for capital expenditure, meeting working capital requirements, and general corporate expenses, it said.

Shreni Shares Ltd is the book-running lead manager to the issue, while Skyline Financial Services is the registrar for the IPO.

Jaipur-based AIK Pipes and Polymers is a leading manufacturer of MDPE (Medium Density Polyethylene) pipes and PPR (Polypropylene Random) pipes meant for water distribution, gas transmission, sewerage systems and telecommunication sectors.

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