Prince Pipes IPO Subscribed 87% On Final Day Of Bidding So Far

The initial public offer (IPO) by Prince Pipes and Fittings was subscribed to 87 percent on the last day of the bidding process so far, December 20.

The offer to raise Rs 500 crore received bids for 1.71 crore shares, against the total issue size of 1,97,74,012 shares, as per National Stock Exchange data.

The issue, whose bidding process kicked off on Wednesday, is being sold in a fee band 177-178 INR according to per share, demanding a PE multiple of 23.5 times on a trailing basis.

Prince pipes offer one of a kind classes of polymer pipes to plumbing, irrigation, and SWR (soil waste and rainwater) segments. Products to plumbing account for 37 percent of the enterprise’s revenue, then come irrigation 32% and SWR 30%

The company has six strategically located manufacturing plants, which gives it a strong presence in North, West and South India. The total installed capacity of the company's six existing plants is 2,41,211 tonnes per annum as at October 2019.

The company plans to set up a new manufacturing plant in Sangareddy (Telangana), with a total estimated installed capacity of 51,943 tonnes per annum. Company plan to commence production at the Telangana plant in fiscal 2021.