Prince Pipes & Fittings IPO subscribed 0.74 times on Day 2 of bidding Portion reserved for retail buyers fully subscribed

Mumbai, December 19, 2019: The Initial Public offering of leading Polymer Pipes and fittings manufacturer Prince Pipes and Fittings was overall subscribed 0.74 times on day 2 of bidding on Thursday.

The portion reserved for retail buyers was subscribed 1.06 times, non-institutional buyers 0.06 times, qualified institutional buyers was subscribed 0.69 times. The overall subscription on day 2 was 0.74 times.

The Initial Public Offering (IPO), received 1,45,57,116 bids, as against the total issue size of 1,96,62,121 equity shares, offered at a price band of Rs 177-178 per share.

The proposed Rs 500 crore issue of Prince Pipes and Fittings comprises fresh issue of equity shares aggregating up to Rs 250 crore and an Offer for Sale (OFS) of Rs 250 crore.

Bidding for the IPO closes on December 20, 2019.

The book running lead managers to the offer are JM Financial and Edelweiss Financial Services.

Ahead of its IPO, Prince Pipes had mopped up Rs 150 crore from 8 anchor investors, including SBI Oman, Aditya Birla MF, SBI Life Insurance, HDFC Life Insurance, Mirae Asset MF, HDFC MF, Tata MF and New Mark Capital.

In addition to the anchor allocation of 50 crore, Sovereign fund SBI Oman, through its Oman India Investment Fund II has invested an additional Rs 50 crore to buy 2,809,018 shares at a price of Rs 178 per equity share, totaling their investment in Prince Pipes to 100 crore.