Prince Pipes & Fittings IPO subscribed 0.74 times on Day 2 of bidding

The portion reserved for retail buyers was subscribed 1.06 times, non-institutional buyers 0.06 times, qualified institutional buyers was subscribed 0.69 times.

Dec 20, 2019 07:12 IST India Infoline News Service

Prince Pipes and Fittings
The Initial Public offering of leading Polymer Pipes and fittings manufacturer Prince Pipes and Fittings was overall subscribed 0.74 times on day 2 of bidding on Thursday.

The portion reserved for retail buyers was subscribed 1.06 times, non-institutional buyers 0.06 times, qualified institutional buyers was subscribed 0.69 times. The overall subscription on day 2 was 0.74 times.

The Initial Public Offering (IPO), received 1.45 crore bids, as against the total issue size of 1.96cr equity shares, offered at a price band of Rs177-178 per share.

The proposed Rs500cr issue of Prince Pipes and Fittings comprises a fresh issue of equity shares aggregating up to Rs250cr and an Offer for Sale (OFS) of Rs250cr.

Bidding for the IPO closes on December 20, 2019.

The book running lead managers to the offer are JM Financial and Edelweiss Financial Services.

Ahead of its IPO, Prince Pipes had mopped up Rs150cr from 8 anchor investors, including SBI Oman, Aditya Birla MF, SBI Life Insurance, HDFC Life Insurance, Mirae Asset MF, HDFC MF, Tata MF and New Mark Capital.

In addition to the anchor allocation of 50 cr, Sovereign fund SBI Oman, through its Oman India Investment Fund II has invested an additional Rs50 cr to buy 28.09 lakh shares at a price of Rs178 per equity share, totalling their investment in Prince Pipes to 100 cr.

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