Prince Pipes shares tank over 10 pc in debut trade

Shares of Prince Pipes And Fittings made a weak debut at the bourses on Monday, falling over 10 percent from its issue price of Rs 178. The scrip opened at Rs 160, down 10.11 percent from the issue price on the BSE. It later hit a low of Rs 152.60, registering a sharp fall of 14.26 percent.

On the NSE, it listed at Rs 160. As the trade progressed it tanked 14.32 percent to a low of Rs 152.50. The 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 are the managers to the offer.

Prince Pipes has manufacturing facilities in Dadra and Nagar Haveli, Uttarakhand, Maharashtra, Tamil Nadu and Rajasthan.