Business Standard

Prince Pipes shares tank over 7 pc in debut trade


Press Trust of India New Delhi
Shares of Prince Pipes And Fittings made a weak debut at the bourses on Monday and closed over 7 per cent lower from its issue price of Rs 178.
The scrip listed at Rs 160, down 10.11 per cent from the issue price on the BSE. During the day, it touched a high of Rs 177.95 and a low of Rs 152.60. It finally closed at Rs 166.60, down by 6.40 per cent.
At the NSE, it ended 7.30 per cent lower at Rs 165.
In traded volume terms, 20.37 lakh shares were traded on the BSE and over two crore shares on the NSE during the day.
The company's market valuation was at Rs 1,833.03 crore.
The Rs 500-crore initial public offer of Prince Pipes and Fittings was subscribed 2.21 times.
The IPO was in a price range of Rs 177-178 per share.
JM Financial and Edelweiss Financial Services were the managers to the offer.
Prince Pipes has manufacturing facilities in Dadra and Nagar Haveli, Uttarakhand, Maharashtra, Tamil Nadu and Rajasthan.

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First Published: Dec 30 2019 | 5:00 PM IST

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