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Prince Pipes share price rises over 10% intra day amid strong rally in Sensex, Nifty

Share price of Prince Pipes rose up to 10.37% or 15.9 points to Rs 169.10 compared to the previous close of Rs 153.20 on BSE

twitter-logo BusinessToday.In        Last Updated: January 9, 2020  | 16:01 IST
Prince Pipes share price rises over 10% intra day amid strong rally in Sensex, Nifty
Prince Pipes share price pared some gains and closed 5.84% or 9 points higher at Rs 162.15 on BSE

Prince Pipes share price rose over 10% intra day on January 9 amid a rally in Sensex and Nifty helped by United States' soft stance on attack over its bases in Iraq. Share price of Prince Pipes rose up to 10.37% or 15.9 points to Rs 169.10 compared to the previous close of Rs 153.20 on BSE.  The stock hit an intra day low of Rs 153.15 on BSE. 3.36 lakh shares amounting to turnover of Rs 5.50 crore changed hands on BSE.

The stock pared some gains and closed 5.84% or 9 points higher at Rs 162.15 on BSE. Market capitalisation of the stock stood at Rs 1,784 crore. Shares of Prince Pipes and Fittings made a tepid listing on BSE and NSE on December 30 last year.

The company debuted at the price Rs 160 on BSE, a 10.11% discount to the issue price of Rs 178. The IPO of Prince Pipes and Fittings comprised fresh issue of Rs 250 crore and an equal amount through offer-for-sale (OFS). In a pre-IPO placement, Prince Pipes issued 59,26,820 equity shares, representing 6.18 per cent stake for cash consideration of Rs 106.18 crore by South Asia Growth Fund LLP at Rs 178 per equity share. The initial public offer, which was held from December 18 to December 20, 2019 was subscribed 2.22 times on its last day of bidding.

The firm's Rs 500-crore IPO offer was subscribed 28% on the opening day and 41% on Thursday, its second day of subscription.

Meanwhile, Sensex soared 634 points to close at 41,452.35 and Nifty rallied 190 points to end at 12,215.90. Except IT, all other indices closed in the green. Earlier, Sensex opened 400 points higher at 41,216 against previous close of 40,817. Nifty gained 128 points to open at 12,153 compared to previous close of Rs 12,025.

Share Market Update: Sensex ends 634 points higher, Nifty at 12,215; Infosys up 1.8% ahead of Q3 results

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