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Prince Pipes IPO: Pipe manufacturing firm collects Rs 150 crore from anchor investors

Prince Pipes IPO, which opened for subscription today (December 18, 2019), closes on Friday

twitter-logo BusinessToday.In        Last Updated: December 18, 2019  | 15:23 IST
Prince Pipes collects Rs 150 crore from anchor investors
Prince Pipes IPO: The firm finalised the allocation of 84.26 lakh shares at Rs 178 apiece to eight anchor investors

Prince Pipes has collected up Rs 150 crore from eight anchor investors on Tuesday. Prince Pipes finalised the allocation of 84.26 lakh shares at Rs 178 apiece to eight anchor investors. SBI Oman, Aditya Birla MF, SBI Life Insurance, HDFC Life Insurance, Mirae Asset MF, HDFC MF, Tata MF and New Mark Capital participated in the anchor investor bidding, the firm said.

SBI Oman, through its Oman India Joint Investment Fund, garnered Rs 50 crore.

Prince Pipes IPO opens today: 10 things to know before you subscribe

Prince Pipes IPO, which opened for subscription today (December 18, 2019), ends on Friday. The IPO through which the firm plans to raise Rs 500 crore will close on December 20. The Mumbai-based polymer pipes and fittings manufacturer has fixed the price band for its IPO at Rs 177-178 per share. The book built issue comprises raising Rs 250 crore through fresh issue of shares and an equal amount through offer-for-sale (OFS).

Also read: Prince Pipes to launch Rs 500-cr IPO today; should you subscribe?

The company's promoter group which currently holds 90.06% stake plans to sell around 29% in the proposed IPO. One can apply for the IPO in a single lot of 84 shares. The maximum lot size stands at 13 lots in multiples of 84 shares thereafter, amounting to 1,092 equity shares. Post the issue, shares of Prince Pipes are proposed to be listed on BSE and NSE on December 31, 2019.

By Aseem Thapliyal

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