Prince Pipes IPO Subscribed 74% On Day Two Of Bidding
A worker walks over pipes in Amargarh, Jammu and Kashmir, India. (Photographer: Dhiraj Singh/Bloomberg)

Prince Pipes IPO Subscribed 74% On Day Two Of Bidding

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The initial public offer of Prince Pipes and Fittings was subscribed 74 percent at close of the second day of bidding on Thursday.

The offer to raise Rs 500 crore received bids for 1,45,57,116 shares, against the total issue size of 1,97,74,012 shares, as per National Stock Exchange data.

Qualified institutional buyers portion was subscribed 68 percent, non-institutional investors 6 percent and retail individual investors 1.06 times, according to the update on the exchange.

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

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

Also read: Prince Pipes IPO Subscribed 28% On First Day Of Bidding

JM Financial and Edelweiss Financial Services are managing the IPO.

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

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