Hariom Pipe Industries' IPO subscribed 1.88 times on Day 3; Retail portion booked 4.66 times

1 Apr 2022 , 06:48 PM

The Initial Public Offering (IPO) of Hariom Pipe Industries Limited (“Company”), an integrated manufacturer of Mild Steel (MS) Pipes, Scaffolding, HR Strips, MS Billets, and Sponge Iron, received bids of 1,59,48,226 shares against the offered 85,00,000 equity shares, at a price band of Rs144-153, according to the data available on the BSE website.

Overall the issue was subscribed 1.88 times on the third of the Five bidding days. The issue kicked off for subscription on Wednesday, March 30 and will be open till Tuesday, April 5.

The Retail portion was the most subscribed with 4.66 times followed by qualified institutional buyers with 0.44 times. The reserved portion of non-institutional investors witnessed a subscription of 0.33 times. 

Headquartered in Hyderabad, Telangana, Hariom Pipe Industries Limited manufactures steel products and has a wide distribution network in South India. The Company caters directly and indirectly to customer requirements in various sectors such as Housing, Infrastructure, Agriculture, Automotive, Solar Power, power, cement, mining and Engineering.

The proceeds from the fresh issue to the tune of Rs50.05 crore will be used for funding capital expenditure requirements; Rs40 crore will be used for funding working capital requirements and remaining for general corporate purpose.

ITI Capital Limited is the sole Book Running Lead Manager (“BRLM”) to the Offer.