Prince Pipes' IPO to raise Rs 500 crore, IPO opens on Dec 18

New Delhi [India], Dec 13 (ANI): Prince Pipes and Fittings Ltd on Friday announced the launch of its initial public offering (IPO) to raise Rs 500 crore, comprising a Rs 250 crore fresh issue and an equal amount of offer for sale.
The offer with a price band of Rs 177 to Rs 178 per equity share will open on December 18 and close on December 20.
The offer is being made through the book-building process in accordance with section 26(1) of the SEBI (Issue of Capital and Disclosure Requirements (ICDR) Regulations under which 50 per cent of the offer is available for allocation to qualified institutional buyers (QIBs).
Prince Pipes and Fittings may consult book running lead managers and allocate up to 60 per cent of the QIB portion to anchor investors on a discretionary basis out of which at least one-third will be reserved for domestic mutual funds.
The remaining net QIB portion will be available for allocation on a proportionate basis to QIBs other than anchor investors including mutual funds.
JM Financial and Edelweiss Financial Services are the book-running lead managers to the offer. The equity shares will be listed on National Stock Exchange (NSE) of India Ltd and BSE Ltd. The latter will be the designated stock exchange.
The proceeds from offer for sale (net of any offer related expenses to be borne by the promoter selling shareholders) will be received by the promoter selling shareholders and the company will not receive any proceeds from the offer for sale.
The total installed capacity of Prince Pipes' six existing plants is 2.41 lakh tonnes per annum. The company plans to expand its installed capacity at its Jobner plant in Rajasthan from 6,221 tonnes per annum to 17,021 tonnes per annum by December 31 and to 20,909 tonnes per annum by the end of FY 20.
(ANI)