Aditya Birla
Aditya Birla Money Limited
  • SENSEX 36737.69408.68 1.12%
  • NIFTY 10813.45107.70 1.01%
IPO News
Prince Pipes and Fittings IPO subscribed 28%
18-December-2019 [17:51]

The initial public offer (IPO) of Prince Pipes and Fittings received bids for 55.57 lakh shares today, 18 December 2019, as against 1.97 crore shares on offer, as per the National Stock Exchange of India (NSE) website data at 17:00 IST. The issue was subscribed 0.28 times.

The issue opened for bidding today, 18 December 2019 and it will close on Friday, 20 December 2019. The price band has been fixed at Rs 177 to Rs 178 per share.

Ahead of the opening of the IPO, the board of directors of the company at its meeting held on 17 December 2019, finalized allocation of 84,26,965 equity shares to anchor investors at Rs 178 per share.

Prince Pipes and Fittings is recognized as one of the leading polymer pipes and fittings manufacturers in India in terms of number of distributors. The company markets its products under two brand names: Prince Piping Systems and Trubore. The company has more than 30 years experience in the polymer pipes segment.

The IPO comprises a fresh issue worth Rs 250 crore and an offer for sale of an equal amount. The sellers in offer for sale comprises of promoter Jayant Shamji Chheda (Rs 20 crore), Tarla Jayant Chheda (Rs 140 crore), Parag Jayant Chheda (Rs 50 crore) and Vipul Jayant Chheda (Rs 50 crore).

The proceeds from the offer for sale shall be received by the promoter selling shareholders and the company shall not receive any proceeds from the offer for sale. The promoter selling shareholders intend to use the proceeds of the offer for sale towards repayment of the outstanding bonds issued by Express Infra Projects LLP.

Net proceeds from the fresh issue will be used for repayment or prepayment of certain outstanding loans of company; financing the project cost towards establishment of a new manufacturing facility; upgradation of equipment at manufacturing facilities; and for general corporate purposes.

The company intends to utilize an amount aggregating up to Rs 48.17 crore from the net proceeds and the proceeds from the pre-IPO placement towards repayment and/or pre-payment, in full or in part, of certain outstanding term loans availed by the company.

Prince Pipes and Fittings reported net profit of Rs 26.67 crore and total income of Rs 379.77 crore in the quarter ended June 2019.

Powered by Capital Market - Live News

  • CONTACT US

For Broking services call 1800-270-7000 (Toll free) -
(9 am-11:30pm- Mon-Fri &
9am-9pm- Sat & Sun)
For Call N Trade
Call 1800 108 9999 & Dial 1
(9am-11:30pm)

Request a Call Back

Broking & Commodity:
care.stocksandsecurities@
adityabirlacapital.com
Depository Operations:
dpcare.stocksandsecurities@
adityabirlacapital.com

Get to a branch closest to you

 ABML Branches
Locate Us

To reach us for any of our services, SMS the below short codes to 567679

  1. Broking/Distribution SMS: ABM to 567679
  2. Franchisee Partner: ABM to 567679
  3. Portfolio Management Services: ABMCS 567679

Share with us your valuable
feedback

Click Here

ATTENTION INVESTORS :

Securities Broking is through Aditya Birla Money Limited: SEBI Registration No. NSE/BSE/MCX/NCDEX:INZ000172636 ; NSDL /CDSL: IN-DP-17-2015. PMS - INP 000003757, Research Analyst –INH000002145, Investment Adviser - INA000009214. Central Insurance Repository Limited: IRDA/IR2/2014/312. Investments in securities market are subject to market risks, read all the related documents carefully before investing. Please read the risk disclosure document, rights and obligations, guidance note, Do’s and Don’ts and policies and procedure carefully before making any investment decision. Brokerage will not exceed the SEBI prescribed limit. Margins as prescribed by Exchange / SEBI will be applicable.
Corporate Office: Sai Sagar, 2nd & 3rd Floor, Plot No.M-7, Thiru-Vi-Ka (SIDCO) Industrial Estate, Guindy, Chennai 600032. Regd. office: Indian Rayon Compound, Veraval, Gujarat - 362 266 | E-mail: care.stocksandsecurities@adityabirlacapital.com | CIN L65993GJ1995PLC064810 | Tel: +91-44-49490000 / 4949 0200 | Website: stocksandsecurities.adityabirlacapital.com