Prince Pipes and Fittings makes weak debut on bourses, shares tank over 10% from issue price of Rs 178

The Rs 500-crore initial public offer (IPO) of Prince Pipes and Fittings was subscribed 2.21 times.

Press Trust of India December 30, 2019 15:41:28 IST
Prince Pipes and Fittings makes weak debut on bourses, shares tank over 10% from issue price of Rs 178
  • The scrip opened at Rs 160, down 10.11 percent from the issue price on the BSE

  • On 20 December, the Rs 500-crore IPO of Prince Pipes and Fittings was subscribed 2.21 times

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

News Delhi: Shares of Prince Pipes and Fittings made a weak debut on the bourses on Monday, falling over 10 percent from its issue price of Rs 178.

Prince Pipes and Fittings makes weak debut on bourses shares tank over 10 from issue price of Rs 178

Representational image. Reuters.

The scrip opened at Rs 160, down 10.11 percent from the issue price on the BSE. It later hit a low of Rs 152.60, registering a sharp fall of 14.26 percent.

On the NSE, it listed at Rs 160. As the trade progressed it tanked 14.32 percent to a low of Rs 152.50.

On 20 December, the Rs 500-crore initial public offer (IPO) of Prince Pipes and Fittings was subscribed 2.21 times.

The IPO was 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 for the offer.

Prince Pipes, a leading polymer pipes and fittings manufacturers in India, has six manufacturing facilities — two in Dadra and Nagar Haveli and one each in Uttarakhand, Maharashtra, Tamil Nadu and Rajasthan.

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