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Steel tube manufacturer seeks public funding to lighten balance sheet
Jindal Supreme has filed for an IPO mainly to cut debt, as the steel pipes and tubes maker looks to strengthen its balance sheet and tap public markets amid steady industrial demand conditions.
Jindal Supreme has filed draft papers with the market regulator for an initial public offering aimed primarily at reducing its debt burden. The steel pipes and tubes maker plans to use a significant portion of the proceeds for loan repayment, strengthening its balance sheet. The filing marks another addition to the growing primary market pipeline amid steady industrial demand trends.