Prince Pipes & Fittings Ltd Company Summary

Prince Pipes & Fittings Ltd Summary

Prince Pipes and Fittings Limited (PPFL) was incorporated as a private limited company with the name Prince Pipes and Fittings Private Limited on November 13, 1987, at Mumbai, Maharashtra. Thereafter, the company became a deemed public limited company with effect from July 1, 1998. Further, the Company converted back into a private company on May 18, 2001. Subsequently, the company converted into a public limited and the name of the Company was changed to Prince Pipes and Fittings Limited on August 11, 2017. The Company is recognized as Indias largest integrated piping solutions providers based in Mumbai. The Company markets its products under two brand names: Prince Piping Systems; and Trubore Piping Systems. Due to the comprehensive product range, the company is positioned as an end-to-end polymer piping systems solution provider. Prince Pipes and Fittings Limited is a Fortune India 500 company.The Company has been engaged in the manufacturing of polymer piping solutions in five types of polymers, such as CPVC, UPVC, HDPE, PPR and LLDP. Over time, it has emerged as one of the fastest growing companies in the Indian pipes and fittings industry. With more thab 1500 distributors and 7 state-of-art facilities across India, of which 5 contract-manufacturing units are located at Hajipur(Bihar), 2 in Aurangabad (Maharashtra), Hajipur Vaishali District (Bihar) and Balasore (Orissa). The Company plans to set up two new manufacturing plants, one in Jobner (Rajasthan), which is near Jaipur, and the other in Sangareddy (Telangana). In 2019-20, the Company completed initial public offering of its equity shares (IPO) of 28,089,885 Equity shares of Rs. 10/- each comprising of a Fresh Issue of 14,044,943 Equity shares of Rs. 10/- each and Offer for Sale (OFS) of 14,044,942 Equity shares of Rs. 10/- each by some of the promoters of the Company namely Mr. Jayant Chheda, Mrs. Tarla Chheda, Mr. Parag Chheda and Mr. Vipul Chheda. The Company raised an amount of Rs. 2,500 million from the Fresh Issue and the Promoters raised Rs. 2,500 million under the OFS. Post allotment / transfer in the IPO, equity shares of the Company got listed and commenced trading on the BSE Limited andthe National Stock Exchange of India Limited on December 30, 2019. Post the issue, 63.25% of Equity Share Capital of the Companyis held by the Promoter and Promoter Group.A newly constructed plant was set up at Jaipur, Rajasthan, which commenced production for pipe manufacturing in September, 2019 and the Jaipur plants capacity expanded to 20,909 TPA as on 31st March, 2020.In June 2020, the Company launched StoreFit water tanks as part of its introductory range of overhead water storage solutions. It also launched 4 additional products including EASYFIT RE specially designed to divert wastewater into a system where it can be recycled, CABLEFIT pipes manufactured using ultra-modern hi-tech machines for Indias rapidly growing infrastructural needs and GREENFITPP-R systems designed for hot & cold water plumbing systems in buildings & Industrial piping installations. In September 2020, Company announced a collaboration with Lubrizol [headquartered in the US] - the worlds largest manufacturers and inventors of CPVC compounds. It also announced a technical collaboration in July 2020 with Tooling Holland BV [based in TheNetherlands] - a global leader in plastic mould manufacturing association. To scale up distribution and penetration in Southern India, the newest integrated pipes and fittings manufacturing facility was launched in Telangana in September 2020 with a total estimated installed capacity of 51,943 tons per annum.In January 2021, the Company opened its seventh manufacturing facility in Sangareddy, Telangana.In 2021-22, the Company expanded the portfolio by launching new products like PE-FIT Aqua - HDPE Piping Systems that finds application in Potable Water City Pipe Network, Drip, Sprinkler and Lift Irrigation, Industrial Effluents, Infrastructure Projects, Government projects, Bore Well Application for Submersible Pumps, Mining Sector for Handling Slurries. CORFIT Manhole Chambers was launched at Plumbex India in New Delhi.In November 2022 and January 2023, the Company launched 3 key products in Modern Plumbing division, by introducing Skolan Safe, a Premium Polypropylene (PP) Silent Drainage System, Prince HT Safe PP Low Noise Drainage System and Prince Hauraton - a modern range of Surface Drainage solutions. In 2023, it diversified into the Bathware segment with the launch of Prince Bathware - a new, unique collection of faucets, showers, sanitaryware and accessories.