The initial public offer of Prince Pipes and Fittings was subscribed 28 per cent on the first day of bidding on Wednesday.
The public offer to raise Rs 500 crore, received bids for 55.57 lakh shares, against the total issue size of 1.97 crore shares, as per the NSE data.
The category meant for qualified institutional buyers (QIBs) was subscribed 5 per cent, non-institutional investors 3 per cent and retail individual investors 52 per cent, according to the update on the exchange.
The pipes and fittings manufacturer has mopped up Rs 150 crore from anchor investors.
Price range for the offer, which would close for subscription on Friday, has been fixed at Rs 177-178 per share.
JM Financial and Edelweiss Financial Services are the managers to the offer.
Prince Pipes has manufacturing facilities in Dadra and Nagar Haveli and one each in Uttarakhand, Maharashtra, Tamil Nadu and Rajasthan.
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