Prince Pipes garners Rs150cr from 8 Anchor Investors; IPO opens today

The Offer, with a price band of Rs177 to Rs178 per Equity Share, will open on December 18, 2019 and close on December 20, 2019.

Dec 18, 2019 08:12 IST India Infoline News Service

Initial Public Offer, IPO
Leading Polymer Pipes and fittings manufacturer, Prince Pipes Ltd has mopped up Rs150cr from 8 anchor investors ahead of its Initial Public Offering, which commences on Dec 18, 2019.

Initial Public Offering of 500 cr includes a fresh issue of 250 cr and an OFS of 250 cr. The Offer, with a price band of Rs177 to Rs178 per Equity Share, will open on December 18, 2019 and close on December 20, 2019.

According to a regulatory filing, PPL has finalized the allocation of 84.26 lakh shares at Rs178 a piece to 8 anchor investors. Based on the price, the total proceeds would be to the tune of Rs150cr.

SBI Oman, Aditya Birla MF, SBI Life Insurance, HDFC Life Insurance, Mirae Asset MF, HDFC MF, Tata MF, New Mark Capital participated in the anchor investor bidding.

Collectively, brokerage houses such as Ventura Securities, Motilal Oswal Securities, GEPL Capital, Reliance Securities, Investmentz, IDBI Capital, Equirus Securities have given a “subscribe” rating with a long term outlook to the issue keeping in mind its attractive pricing in comparison to its peers and growth prospects of the industry.

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