IPO Of Prince Pipes and Fittings Subscribed 28% On Day 1
New Delhi: The initial public offering (IPO) of Prince Pipes and Fittings has been subscribed to the extent of 28 percent on its first day of bidding today.
The IPO has received bids for about 55.58 lakh equity shares. The total number of shares of offer are 1.97 crore shares.
The shares reserved for retail investors were subscribed to the extent of 52 percent. The shares meant for non-institutional investors were subscribed to the extent of 2.7 percent. The shares set aside for qualified institutional investors were subscribed to the extent of 5 percent, according to data available on bourses.
Prince Pipes is a maker of polymer pipes and fittings. Its products find different a applications in irrigation, plumbing and waste and rain water management. It has two brands: ‘Prince Piping’ Systems and ‘Trubore’. It has six manufacturing plants in the country.