·         Initial Public Offering of 500 crores including a fresh issue of 250 crores and an OFS of 250 crores

·         Price band of Rs 177 – Rs 178 per Equity Share.

·         Minimum Bid lot is 84 Equity Shares and in multiples of 84 Equity Shares thereafter.

·         Offer opening date – December 18, 2019 and Offer closing date – December 20, 2019

·         The Floor Price is 17.70 times the face value of the Equity Shares and the Cap Price is 17.80 times the face value of the Equity Shares.

MUMBAI, DECEMBER 13, 2019 (GPN) : Prince Pipes and Fittings Limited (“Prince Pipes” or the “Company”) announced the launch of its Initial Public Offering (IPO) to raise Rs 500 crore, comprising a Rs 250 crore fresh issue and an equal amount of Offer for Sale (together, the “Offer”).

The Offer, with a price band of Rs 177 to Rs 178 per Equity Share, will open on December 18, 2019 and close on December 20, 2019.

The Offer is being made in terms of Rule 19(2) (b)(ii) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”), read with Regulation 41 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended (“SEBI ICDR Regulations”), wherein a minimum Offer size of at least such percentage of Equity Shares equivalent to a value of ₹ 4,000 million (calculated at the Offer Price) will be offered to the public. The Offer is being made through the Book Building Process in accordance with Regulation 26(1) of the SEBI ICDR Regulations, wherein 50% of the Offer shall be available for allocation to Qualified Institutional Buyers (“QIB Portion”). Provided that, our Company and the Promoter Selling Shareholders may, in consultation with the BRLMs, allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis (“Anchor Investor Portion’’), out of which at least one-third will be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price, in accordance with the SEBI ICDR Regulations. Such number of Equity Shares representing 5% of the Net QIB Portion (other than Anchor Investor Portion) shall be available for allocation on a proportionate basis to Mutual Funds only. The remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to QIBs (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received from them at or above the Offer Price. Further, not less than 15% of the Offer shall be available for allocation on a proportionate basis to Non Institutional Bidders and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price such that, subject to availability of Equity Shares, each Retail Individual Bidder shall be Allotted not less than the minimum Bid Lot, and the remaining Equity Shares, if available, shall be allotted to all Retail Individual Bidders on a proportionate basis. All potential Bidders, other than Anchor Investors, shall participate in the Offer mandatorily through the Applications Supported by Blocked Amount (“ASBA”) process (including UPI ID in case of Retail Individual Bidders, if applicable) by providing the details of their respective bank accounts in which the corresponding Bid Amount will be blocked by the SCSBs (defined below). Anchor Investors are not permitted to participate in the Offer through the ASBA process.

JM Financial Limited and Edelweiss Financial Services Limited are the book running lead managers to the Offer (“BRLMs”).

The Equity Shares will be listed on the National Stock Exchange of India Limited (NSE) and the BSE Limited (BSE). BSE shall be the designated stock exchange.

The proceeds from the Offer for Sale (net of any Offer related expenses to be borne by the Promoter Selling Shareholders) shall be received by the Promoter Selling Shareholders and the Company shall not receive any proceeds from the Offer for Sale.

Please refer to the price band advertisement dated December 12, 2019 issued by the Company for details in relation to: a) basis for offer price, (b.) risk to investors, (c.) contents of the memorandum of association of the Company, and (d.) listing.

All capitalised terms used herein and not specifically defined shall have the same meaning as ascribed to them in the red herring prospectus dated December 11, 2019 filed with the Registrar of Companies, Goa, Daman and Diu. ENDS

About Prince Pipes and Fittings Limited:

Prince Pipes and Fittings Limited is recognized as one of the leading polymer pipes and fittings manufacturers in India in terms of the number of distributors. The Company markets its products under two brand names: Prince Piping Systems; and Trubore. Due to its comprehensive product range, Prince Pipes and Fittings Limited, which has over 30 years’ experience in the polymer pipes segment, is positioned as an end-to-end polymer piping systems solution provider.

Prince Pipes and Fittings Limited has six strategically located manufacturing plants – Athal (Union Territory of Dadra and Nagar Haveli), Dadra (Union Territory of Dadra and Nagar Haveli), Haridwar (Uttarakhand), Chennai (Tamil Nadu); and Kolhapur (Maharashtra) and Jobner (Rajasthan) with a total installed capacity of 241,211 tonnes per annum as on October 31, 2019.

NOTE: Issue Size is Rs. 500 crore (Fresh Issue – Rs. 250 crore and OFS – Rs. 250 crore)