Prince Pipes and Fittings Limited – Debuts with Losses of Over 6%

Prince Pipes and Fittings Limited which had tapped the capital with its simultaneous offer for sale and fresh issue listed on the bourses yesterday. The company had raised Rs 500 crs which consisted of a fresh issue of Rs 250 crs and an offer for sale of Rs 250 crs in a price band of Rs 177-178. Post anchor allocation where the company allotted 84,26,965 equity shares to 8 Anchor Investors comprising of 13 entities, it did another pre-IPO offer for sale of Rs 50 crs to the lead anchor, Sovereign Wealth Fund of Oman. This is an entity promoted by SBI.

The discovered price was Rs 160 on both exchanges. A total of 6.9 lac shares were traded at this price. The scrip then made the low for the day at Rs 152.60 on BSE and Rs 152.50 on NSE. The highs were Rs 177.95 on BSE and Rs 177.90 on NSE. The stock closed at Rs 166.60 on BSE, a loss of 11.40 or 6.40% while it closed at Rs 166.90 on NSE, a loss of Rs 11.10 or 6.24%.

Exchange Open High Low Close Net Change % Gain/ Loss Wt.Avg Volume Delivery Del %age
BSE 160.00 177.95 152.60 166.60 -11.40 -6.40 168.45 2036657 330610 16.23
NSE 160.00 177.90 152.50 166.90 -11.10 -6.24 169.20 21159947 4556994 21.54
Total 23196604 4887604 21.07

The traded volume on the two exchanges combined was 231.96 lac shares which was 83% of the IPO size of 280.89 lac shares. Delivery volume was 48.87 lac shares which was 21.54% of the traded volume. It was 17.40% of the IPO size and 24.86% of the non-anchor portion. The weighted average of the day’s trade was Rs 168.45 on BSE and Rs 169.20 on NSE. The share was under pressure in the last half hour and slipped below the weighted average.

There were no bulk trades reported on either the NSE or BSE.

Share had a lacklustre debut and failed to live up to expectations considering that the issue was subscribed 2.21 times.

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