Prince Pipes IPO Subscribed 2.21 Times On Final Day
Builder saws a plumbing pipe during construction. (Photographer: Prashanth Vishwanathan/Bloomberg)

Prince Pipes IPO Subscribed 2.21 Times On Final Day

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The initial public offer of Prince Pipes and Fittings was subscribed 2.21 times on the last day of bidding on Friday.

The Rs 500-crore offer received bids for 4.37 crore shares against the total offer size of 1.97 crore shares, as per the National Stock Exchange data.

Qualified institutional buyers category was subscribed 3.54 times, non institutional investors 1.21 times and retail individual investors 1.89 times.

Till Thursday, the initial public offer of Prince Pipes and Fittings was subscribed 74 percent.

The IPO, which opened for bidding on Wednesday, is in a price range of Rs 177-178 per share.

The pipes and fittings manufacturer earlier this week mopped up Rs 150 crore from anchor investors.

JM Financial and Edelweiss Financial Services are the managers to the offer.

Prince Pipes has manufacturing facilities in Dadra and Nagar Haveli, Uttarakhand, Maharashtra, Tamil Nadu and Rajasthan.

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