Taasir English News Network | Uploaded on 30-Dec-2019
Prince Pipes and Fittings made a lacklustre market debut on Monday. Shares in polymer pipes and fittings manufacturer Prince Pipes listed at a discount of 10 per cent at Rs 160 on stock exchanges BSE and NSE, compared to its issue price of Rs 178 per share. The listing of Prince Pipes and Fitting shares follows the company’s initial public offer (IPO) this month to raise Rs 500 crore which was subscribed more than two times. (Also read: Key Things To Know About Prince Pipes Shares)
At 12:30 pm, the Prince Pipes and Fittings stock had recouped some of its losses but was still trading 6.1 per cent lower at Rs 167. The stock markets had erased earlier gains with the S&P BSE Sensex index 102 points lower at 41,473 at the time, while the broader NSE Nifty benchmark was down 27 points at 12,218.
Prince Pipes and Fittings had fixed the IPO price band at Rs 177-178 per share. The Rs 500-crore IPO was open for subscription from December 18 and December 20.
The Prince Pipes IPO comprised a fresh issue of shares amounting to Rs 250 crore and an equal amount of shares through the offer for sale (OFS) route.
A total 50 per cent of the public issue, or shares worth Rs 250 crore, were reserved for qualified institutional buyers, 15 per cent (shares worth Rs 75 crore) for non-institutional investors and the remaining 35 per cent (Rs 175 crore) for retail bidders.
Prince Pipes and Fittings reported a net profit of Rs 83 crore on revenues of Rs 1,572 crore in financial year 2018-19, as against a profit of Rs 74 crore over revenue of Rs 1,330 crore in financial year 2016-17.
In the first quarter of current financial year, which ends in March 2020, the company posted a profit of Rs 27 crore on revenue of Rs 380 crore.