The initial public offering (IPO) of Prince Pipes and Fittings has been fully subscribed on the final day of the issue. The Rs 500 crore issue that included a fresh issue worth Rs 250 crore and an offer-for-sale from promoters for the same amount have opened on 18 December. The issue closes on 20 December.
As of Friday afternoon, the IPO of the polymer pipes and fittings maker was subscribed 1.07 times with the retail portion of the issue being oversubscribed by 1.37 times.
Bids for 2.12 crore equity shares as against offer size of 1.97 crore shares were observed from the data available with the exchanges.
The IPO aims to sell 28,248,586 shares at the issue price band of Rs 177-178 apiece, according to its red herring prospectus.
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.