Prince pipes raises Rs 150 crore from Aditya Birla MF, HDFC Life Insurance, other anchor investors

Pipes and fittings manufacturer Prince Pipes has mopped up Rs 150 crore from anchor investors.
According to a regulatory filing, the company allocated 84.26 lakh shares at Rs 178 apiece to eight anchor investors. SBI Oman, Aditya Birla MF, SBI Life Insurance, HDFC Life Insurance, Mirae Asset MF, HDFC MF, Tata MF and New Mark Capital participated in the anchor investor bidding.

The company’s initial public offering (IPO) of Rs 500 crore includes a fresh issue of Rs 250 crore and an offer for sale of Rs 250 crore. The offer, which is in a price band of Rs 177-178 per share, will close on December 20, 2019. Meanwhile, the company’s IPO was subscribed 8 per cent in the first few hours of bidding on Wednesday.

JM Financial and Edelweiss Financial Services are the book running lead managers to the offer, and the equity shares of the company will be listed on the NSE and BSE. Prince Pipes, a leading polymer pipes and fittings manufacturer in India, has manufacturing facilities in Dadra and Nagar Haveli and one each in Uttarakhand, Maharashtra, Tamil Nadu and Rajasthan.

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