Comments
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.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.