Mumbai:
Prince Pipes and FittingsRs 500 crore initial public offer (IPO) will open on December 18, the company said on Friday.
The polymer pipes and fittings manufacturer has fixed a price band of Rs 177-178, which includes a fresh issuance of shares worth Rs 250 crore and an offer for sale of Rs 250 crore.
The minimum bid lot is 84 equity shares and in multiples of the same thereafter. The offer is being made through the book-building process and 50 per cent of the offer shall be available for allocation to qualified institutional buyers.
At least 15 per cent of the offer shall be available for allocation on a proportionate basis to non-institutional bidders and at least 35 per cent of the offer will be available for allocation to retail individual bidders.
JM Financialand Edelweiss Financial Services are the book running lead managers to the offer.
As of October 31, the total installed capacity of Prince Pipes’ six existing plants is 241,211 tonnes per annum and Prince Pipes plans to expand the installed capacity at its plant in Jobner in Rajasthan from 6,221 tonnes per annum as on October 31, 2019 to 17,021 tonnes per annum by December 31, 2019 and to 20,909 tonnes per annum by the end of fiscal year 2020.
Prince Pipes and Fittings has six manufacturing plants in the country - Athal and Dadra in the Union Territory of Dadra and Nagar Haveli, Haridwar in Uttarakhand, Chennai in Tamil Nadu), Kolhapur in Maharashtra and Jobner in Rajasthan.
A revival in India’s primary market is on the cards on the back of a buoyant secondary market and stellar reception and listings for the recently-concluded offers, as plenty of issuers queue up with their IPOs.
IPO
via https://www.AiUpNow.com
December 13, 2019 at 03:30AM by , Khareem Sudlow
