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Last Updated : Dec 18, 2019 11:10 AM IST | Source: Moneycontrol.com

Prince Pipes mops up Rs 150 cr from anchor investors ahead of IPO

SBI Oman, Aditya Birla MF, SBI Life Insurance, HDFC Life Insurance etc participated in the anchor investor bidding.

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Leading polymer pipes and fittings manufacturer Prince Pipes and Fittings has garnered Rs 150 crore from anchor investors on December 17, ahead of its initial public offering.

The initial public offering of Rs 500 crore, which consists of a fresh issue of Rs 250 crore and an offer for sale of Rs 250 crore, opened for subscription on December 18.

The issue price band has been fixed at Rs 177-178 per share.

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According to a regulatory filing, Prince Pipes finalised the allocation of 84,26,965 shares at Rs 178 a piece to 8 anchor investors. The total proceeds from anchor portion stood at Rs 150 crore.

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 issue will close on December 20.

The company intends to utilise net proceeds from fresh issue and pre-IPO placement for repayment of certain outstanding loans, financing the project cost towards establishment of a new manufacturing facility, either set up directly or indirectly, up gradation of equipment at manufacturing facilities; and general corporate purposes.

Equity shares will be listed on BSE and the National Stock Exchange. BSE shall be the designated stock exchange. JM Financial and Edelweiss Financial Services are the book running lead managers to the issue while Link Intime India is the registrar to the issue.

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First Published on Dec 18, 2019 11:10 am
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