Prince Pipes to launch IPO on Dec 18 with price band at Rs 177-178

Prince-Pipes

Prince Pipes and Fittings will launch its initial public offering on December 18 with a price band of Rs 177-178 per share.

The Rs 500-crore IPO comprises a fresh issue of Rs 250 crore and an offer for sale of Rs 250 crore.

The issue will open on December 18 and close on December 20. The company, after consultation with merchant bankers, decided a minimum bid lot of 84 equity shares and in multiples of 84 shares thereafter.

As of October 31, 2019, the total installed capacity of Prince Pipes’ six existing plants was 2,41,211 tonnes per annum. The company plans to expand the installed capacity at its plant in Jobner in Rajasthan from 6,221 tonnes per annum to 17,021 tonnes per annum by December 31, 2019 and to 20,909 tonnes per annum by the end of Fiscal 2020.

The company markets its products under two brand names: Prince Piping Systems; and Trubore.

All potential bidders, other than anchor investors, shall participate in the offer mandatorily through the Applications Supported by Blocked Amount (ASBA) process (including UPI ID in case of retail individual bidders, if applicable) by providing the details of their respective bank accounts in which the corresponding bid amount will be blocked by the SCSBs.

The book running lead managers to the issue are JM Financial and Edelweiss Financial Services. Equity shares will be listed on the National Stock Exchange of India and the BSE Limited.

News Source:- Moneycontrol

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