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Prince Pipes and Fittings files IPO papers to raise Rs800 crore

LiveMint logoLiveMint 27-09-2017 PTI

New Delhi: Prince Pipes and Fittings on Wednesday filed draft prospectus with capital market regulator to raise an estimated Rs800 crore through an initial public offering.

The public issue comprises fresh issue of shares worth up to Rs500 crore besides an offer for sale by the company’s promoters — Jayant Shamji Chheda, Tarla Jayant Chheda, Parag Jayant Chheda and Vipul Jayant Chheda, according to the draft red herring prospectus (DRHP).

As per the merchant banking sources, the company’s initial public offer (IPO) is expected to garner Rs800 crore.

Proceeds from the issue will be utilised for payment of certain outstanding loans; financing the project cost towards establishment of a new manufacturing facility; upgradation of equipment at manufacturing facilities; and general corporate purposes.

JM Financial Institutional Securities Ltd and Edelweiss Financial Services Ltd are the book running lead managers to the issue.

Prince Pipes and Fittings Ltd, a leading polymer pipes and fittings manufacturers in India, has five manufacturing facilities — two in Dadra and Nagar Haveli and one each in Haridwar, Chennai and Kolhapur.

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