Prince Pipes IPO Subscribed 28% On First Day Of Bidding
Pipes used for slag disposal sit on the ground. (Photographer: Oliver Bunic/Bloomberg)

Prince Pipes IPO Subscribed 28% On First Day Of Bidding

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The initial public offer of Prince Pipes and Fittings was subscribed 28 percent on the first day of bidding on Wednesday.

The public offer to raise Rs 500 crore, received bids for 55.57 lakh shares, against the total issue size of 1.97 crore shares, as per the National Stock Exchange data.

The category meant for qualified institutional buyers was subscribed 5 percent, non-institutional investors 3 percent and retail individual investors 52 percent, according to the update on the exchange.

Also read: Prince Pipes & Fittings IPO: Here’s All You Need To Know

The pipes and fittings manufacturer has mopped up Rs 150 crore from anchor investors.

Price range for the offer, which would close for subscription on Friday, has been fixed at Rs 177-178 per share.

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

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

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