Prince Pipes and Fittings made a weak debut on the bourses and listed at a discount of 11-12% at Rs. 157 per share as against the issue price of Rs. 178 per share.
The Rs 500 crore issue included a fresh issue worth Rs 250 crore and the remainder is an offer-for-sale from promoters. Prince Pipes and Fittings IPO issue remained opened from December 18 until December 20 and was perhaps the last public issue for the year 2019.
As per data available with the exchanges, the company received bids for 2.12 crore equity shares as against offer size of 1.97 crore shares.
Funds from the issue and the pre-IPO placement will be utilised for repayment of certain outstanding loans (Rs 50 crore), financing the project cost towards establishment of a new manufacturing facility either set up directly or indirectly (Rs 180 crore), upgradation of equipment at manufacturing facilities (Rs 80 crore) and general corporate purposes.
The Mumbai-based company markets its products under the brand names Prince Piping Systems and Trubore. Its products are used for varied applications in plumbing, irrigation, and soil, waste and rainwater (SWR) management.