Prince Pipes and Fittings Ltd

Prince Pipes and Fittings

About the Company:

Prince Pipes and Fittings is recognized as one of the leading polymer pipes and fittings manufacturers in India in terms of production capacity, number of distributors, and number and variety of products manufactured.

Company markets their products under two brand names: Prince Piping Systems and Trubore Piping Systems.

Company sells under various brands names like Durafit, Easyfit, Silentfit, Foamfit, Safefit, Rainfit, Novofit, Greenfit, Aquafit, and TRUBORE in India.

Company has more than 30 years‘ experience in manufacturing polymer pipes and more than 20 years‘ experience in manufacturing fittings.

Company has a product range of more than 7,500 SKUs. Company’s products are used for varied applications in plumbing, irrigation, and sewage disposal.

Currently they sell their products to distributors who then resell them to wholesalers, retailers, and consumers. Company has around 766 distributors spread across India.

Company has five strategically located manufacturing plants, which has enabled them to develop a strong presence in North, West and South India.

Company’s plants are located at the following locations: Athal (Union Territory of Dadra and Nagar Haveli); Dadra (Union Territory of Dadra and Nagar Haveli); Haridwar (Uttarakhand); Chennai (Tamil Nadu); and Kolhapur (Maharashtra).

The total installed capacity at these five existing plants is 210,646 tonnes per annum as at August 31, 2017.

Market share of various Companies in the Plastic Pipes Industry :

market share

Financial Parameter of various Companies in the Plastic Pipes Industry :

Financial Parameters

Details of Company’s Current Manufacturing Facility:

current manufacturing facility

Details Company’s Upcoming Manufacturing Facility:

upcoming plants

 

Management Team:

  1. Mr. Jayant Shamji Chheda (Designation: Chairman and Managing Director)
  2. Mr. Parag Jayant Chheda (Designation: Executive Director)
  3. Mr. Vipul Jayant Chheda (Designation: Executive Director)

 

Objectives of the Issue:

OFS (Offer For Sale):

  • Company will not receive any proceeds from the Offer for Sale by the Selling Shareholders.

 

Fresh Issue:

  • Repayment or prepayment of certain outstanding loans of the Company.
  • Financing the project cost towards establishment of a new manufacturing facility.
  • Upgradation of equipment at manufacturing facilities.
  • General corporate purposes, subject to the applicable laws.

 

Positives for the Company:

Large and Growing Distribution Network:

Company has a pan-India network of distributors. They had 635 distributors as at March 31, 2016 compared to 766 distributors as at August 31, 2017, a 20.63% increase in 17 months.

 

Plans to Set up two New Manufacturing Plants:

Company has plans to set up two new manufacturing plants, one in Jobner (Rajasthan), which is near Jaipur, with an installed capacity of 55,750 tonnes per annum and the other in Sangareddy (Telangana) with an installed capacity of 91,332 tonnes per annum.

They plan to commence production at the Rajasthan plant in Fiscal 2019 and at the Telangana Plant in Fiscal 2020.

 

Strong brand Name in the Pipes and Fittings Segment:

Company has a strong legacy of more than three decades in the pipes segment and more than two decades in the fittings segment.

They market their products under two brand names: Prince Piping Systems; and Trubore Piping Systems.

The Trubore Piping Systems‘ brand (“Trubore “) has a long history in the Tamil Nadu market. Trubore brand was acquired by the company in October 2012.

 

Expand the Trubore brand to New Product lines and New States:

The Trubore brand has a long history in the Tamil Nadu market and has established a good reputation in Tamil Nadu. It is now considered as company’s premium brand.

Trubore brand products are currently sold mainly in Tamil Nadu primarily to the agriculture segment. Company plans to increase the product portfolio under the Trubore brand name to cater to the building industry and infrastructure segment & also start selling the Trubore brand in new geographies.

 

Financials of the Company:

(in Crores) FY 13 FY 14 FY 15 FY 16 FY 17
Revenue 806.65 1010.74 959.25  1009.54 1263.8
Net Profit  38.0  25.07  15.68  29.36  74.36

 

Valuation of Peer Group Companies:

Company Name Face Value EPS PE Ratio RoNW NAV
Prince Pipes and Fittings Ltd 10 15.74 Will be Updated 31.57% 52.33
Astral Poly Technik Ltd 1 12.08 59.55 17.07% 70.71
Finolex Industries Ltd 10 28.59 21.47 15.33% 186.53
Supreme Industries Ltd 2 33.88 33.86 22.21% 133.49

 

IPO Details:

Details Info
Issue Opens on Will be Updated
Issue Closes on:. Will be Updated
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Retail Portion Will be Updated
Face Value Rs.10
Minimum Lot Will be Updated
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Issue Constitutes Will be Updated
Issue Size Will be Updated
Market Cap Will be Updated
Listing at Will be Updated
Equity Shares Offered Will be Updated
Equity Shares Prior Will be Updated
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Important Dates:

Finalization of Basis of Allotment Will be Updated
Initiation of Refunds Will be Updated
Credit of Equity Shares: Will be Updated
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Subscription Details:

(Subscription-Category-Wise (no. of times) Till time : 00:00) Shares Offered Day-1 Day-2 Day-3
QIB
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Retail
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Markets Guruji Opinion:

IPO View Apply For: Expected listing Gain:
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Check IPO Allotment Status:

Link InTime Website (Click on the below Link)

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Find the List of Upcoming IPOs in 2019:

Upcoming IPOs in 2019 (Click on the below Link)

www.UpcomingIPOs-in-India-2019

 

Company Contact Info:
Prince Pipes and Fittings Ltd
Registered Office
Plot No.1, Honda Industrial Estate
Phase II, Honda Sattari
Honda, Goa 403 530, India
Telephone: +91 22 66022222
Website: www.princepipes.com

 

IPO Registrar Info:
Link Intime India Private Limited
C-101, 1st Floor, 247 Park,
Lal Bahadur Shastri Marg, Vikhroli (West),
Mumbai 400 083, Maharashtra, India
Telephone: +91 22 4918 6200
Facsimile: +91 22 4918 6195
E-mail: princepipes.ipo@linkintime.co.in
Investor E-mail: princepipes.ipo@linkintime.co.in
Website: www.linkintime.co.in