Prince Pipes and Fittings gets Sebis go ahead for IPO
13/11/2017 00:59
Prince Pipes and Fittings has received Sebis go ahead to raise an estimated Rs 800 crore through an initial public offering, latest update with market regulator showed, reported PTI.

The firm had filed draft papers with Sebi in September and obtained its "observations" on November 3, which is very necessary for any company to launch a public offer.

Going by the draft papers, Prince Pipes and Fittings public issue comprises fresh issue of shares worth up to Rs 500 crore besides an offer for sale by the companys promoters -- Jayant Shamji Chheda, Tarla Jayant Chheda, Parag Jayant Chheda and Vipul Jayant Chheda.

As per the merchant banking sources, the companys initial public offer (IPO) is expected to garner Rs 800 crore.

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