Prince Pipes and Fittings said it has fixed a price band of Rs 177-178 per share for its initial public offering (IPO), through which it is expecting to raise Rs 500 crore. The IPO will open for public subscription on December 18 and close on December 20, Prince Pipes said in a statement.
The company’s Rs 500 crore initial public offering comprises Rs 250 crore through fresh issue of shares and an equal amount through offer-for-sale. It has set a price band of Rs 177-178 per equity share for the IPO. JM Financial and Edelweiss Financial Services are the books running lead managers to the offer and the equity shares will be listed on the NSE and BSE. Prince Pipes, a leading polymer pipes and fittings manufacturers in India, has six manufacturing facilities two in Dadra and Nagar Haveli and one each in Uttarakhand, Maharashtra, Tamil Nadu and Rajasthan.
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