Prince Pipes garners ₹150 cr from anchor investors

PTI New Delhi | Updated on December 18, 2019 Published on December 18, 2019

Pipes and fittings manufacturer Prince Pipes has mopped up ₹150 crore from anchor investors.

According to a regulatory filing, the company allocated 84.26 lakh shares at ₹178 apiece to eight anchor investors.

SBI Oman, Aditya Birla MF, SBI Life Insurance, HDFC Life Insurance, Mirae Asset MF, HDFC MF, Tata MF and New Mark Capital participated in the anchor investor bidding.

The company’s initial public offering (IPO) of ₹500 crore includes a fresh issue of ₹250 crore and an offer for sale of ₹250 crore.

The offer, which is in a price band of ₹177-178 per share, will close on December 20, 2019.

Meanwhile, the company’s IPO was subscribed 8 per cent in the first few hours of bidding on Wednesday.

JM Financial and Edelweiss Financial Services are the book running lead managers to the offer, and the equity shares of the company will be listed on the NSE and BSE.

Prince Pipes, a leading polymer pipes and fittings manufacturer in India, has manufacturing facilities in Dadra and Nagar Haveli and one each in Uttarakhand, Maharashtra, Tamil Nadu and Rajasthan.

Published on December 18, 2019
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