Prince Pipes to raise ₹500 cr through IPO

Prince Pipes

Prince Pipes and Fittings Ltd, a polymer pipes and fittings manufacturer, is to raise ₹500 crore through an Initial Public Offering (IPO), which will open for subscription on December 18.

The IPO includes a fresh issue of ₹250 crore and an Offer For Sale of ₹250 crore. The company has set a price band of ₹177–178 per share for the IPO, Prince Pipes said in a statement.

“The proceeds of the issue will be used for partly retiring debt, expansion and general corporate purposes,” Parag Chheda, Executive Director, Prince Pipes and Fittings Ltd, said.

The IPO will close on December 20. JM Financial Limited and Edelweiss Financial Services Ltd are the book running lead managers to the issue, it added.

Following the IPO, the company – which markets its products under Prince Piping Systems and Trubore - proposes to list the shares on BSE and NSE.

Prince Pipes’ has a total installed capacity of 241,211 tonne per annum across six plants. The company is planning to expand its installed capacity at Jobner plant in Rajasthan to 17,021 tonne per annum by December 31 from 6,221 tonne per annum as of October 31, 2019.

The company intends to further expand capacity to 20,909 tonne per annum by the end of the fiscal year 2020, it added.