The last listing of calendar year 2019 proved to be a tepid one with the shares of Prince Pipes and Fittings falling below its issue price on the day of debut.
On the BSE, the shares of Prince Pipes opened at ₹160, which was lower than the issue price of ₹178. The shares traded below the issue price throughout the trading session even as the benchmark Sensex closed marginally lower at 41,558, down 17.14 points.
During the session, the shares touched an intraday high and low of ₹177.95 and ₹152.60, respectively. It finally ended the day at ₹166.60, nearly 6.5% lower than the issue price.
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At Monday’s closing price, the market capitalisation of the company is pegged at ₹1,833.03 crore.
Meanwhile, on the NSE, the shares closed at ₹165 with nearly 2.12 crore shares being traded.
The initial public offer of the company, which closed on December 20, was subscribed 2.21 times with the segments reserved for retail and high net worth investors getting subscribed less than two times. The portion reserved for institutional investors was subscribed 3.54 times.
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