Shares of Prince Pipes and Fitting Ltd was listed at Rs 157.55, down 11.49 per cent from its issue price of Rs 178 on BSE. This is the last stock markets listing of 2019. At 10.06 am, the stock was trading 6.74 per cent lower at Rs 166, whereas the benchmark index, Sensex, gained 0.17 per cent to 41647.27.
The initial public offering (IPO) of the company that makes polymer pipes and fittings was open for subscription from 18 to 20 December with a price band of Rs 177-178 per equity share. The Mumbai-based firm aimed to raise Rs 500 crore via the IPO, of which fresh issue was worth Rs 250 crore. The remaining portion would be promoters selling their stake partially.
Prince Piping Systems and Trubore, the pipes manufacturer run six plants across India with a total installed capacity of 0.24 million tonnes per annum, as on 31 October. The company plans to increase its capacity to 3,00,000 by FY21 from 241,000 currently with a focus on higher-margin business.
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