Mumbai: Prince Pipes and Fitting Ltd that makes polymer pipes and fittings, on Friday said it would launch its initial public offering (IPO) on 18 December, which is likely to make it the last such public offering in 2019.

The price band for the share sale has been fixed at 177-178 per equity share.

The Mumbai-based firm is looking to raise 500 crore via the IPO, of which 250 crore will be fresh issue and the remaining portion would be see its promoters selling their stakes partially.

The company plans to use 184 crore of the net proceeds towards setting up a new plant at Sangareddy in Telangana. The firm plans to start production at the plant by fiscal year 2021, and expects its installed capacity to reach 51,943 tonnes per annum.

The remaining funds would be used for repayment of certain outstanding loans ( 48 crore) and upgrading equipment at its manufacturing facilities ( 82 crore).

Marketed under brand names, Prince Piping Systems and Trubore, the pipes manufacturer runs six plants across India with a total installed capacity of 0.24 million tonnes per annum, as on 31 October.

The company’s sales from operations for the year ended 31 March stood at about 1,572 crore, while its profit stood at 83 crore.

Investment banks JM Financial and Edelweiss Financial Services are advising Prince Pipes on its IPO.