Stocks

Prince Pipes IPO subscribed 28% on Day 1

Our Bureau Chennai | Updated on December 18, 2019 Published on December 18, 2019

The initial public offering of Prince Pipes and Fittings (PPFL) was subscribed 28 per cent on the first day of bidding on Wednesday. The ₹500-crore IPO consists of a fresh issue for ₹250 crore and an offer-for-sale worth ₹250 crore by the promoters. The offer is at a price band of ₹177-178 a share.

The IPO, which opened for subscription today (December 18), ends on Friday.

Ahead of its initial public offering, Prince Pipes has mopped up ₹150 crore from eight anchor investors.

According to a regulatory filing, PPFL has finalised the allocation of 84,26,965 shares at ₹178 apiece to anchor investors. Based on the price, the total proceeds are to the tune of ₹150 crore.

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, it said.

SBI Oman, through its Oman India Joint Investment Fund, garnered ₹50 crore.

Published on December 18, 2019
This article is closed for comments.
Please Email the Editor