The portion reserved for retail investors was subscribed 1.90 times, non-institutional investors 1.21 times, qualified institutional investors was subscribed 3.56 times. The overall subscription on the final day was 2.22 times.
The IPO witnessed a demand for Rs778.21cr as against the total issue size of Rs350cr, excluding the anchor portion, making it the last successful issue of 2019.
The Initial Public Offering (IPO), received bids for 4.37cr shares, as against the total issue size of 1.96cr equity shares, offered at a price band of Rs177-178 per share.
The IPO received bids from approximately 1.61 lakh investors at last count.
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.
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.
The book running lead managers to the offer are JM Financial and Edelweiss Financial Services.
The company, which enjoys a market share of 5 per cent, offers several categories of polymer pipes to plumbing, irrigation and SWR (soil waste and rainwater) segments. Products to plumbing account for 37% of the company’s revenue, irrigation (32 per cent) and SWR (30 per cent).
Prince Pipes markets its products under two brand names: Prince Piping Systems; and Trubore. Its products are used for varied applications in plumbing, irrigation, and soil, waste and rainwater (SWR) management.
It has six strategically located manufacturing plants, which gives it a strong presence in North, West and South India. The total installed capacity of the company's six existing plants is 2,41,211 tonnes per annum as of October 2019.
The company plans to set up a new manufacturing plant in Sangareddy (Telangana), with a total estimated installed capacity of 51,943 tonnes per annum and plans to commence production at the Telangana plant in fiscal 2021.