Hariom Pipe Industries' IPO subscribed 3.44 times on Day 4; Retail portion booked 7.18 times

5 Apr 2022 , 08:40 AM

Hariom Pipe Industries Limited IPO on Monday has received bids of 2,91,99,786 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 3.44 times on the fourth day of bidding.

The Retail portion was the most subscribed with 7.18 times followed by non-institutional investors with 1.93 times. The reserved portion of qualified institutional buyers witnessed a subscription of 0.83 times.

The issue kicked off for subscription on Wednesday, March 30 and will be open till Tuesday, April 5.

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”) for the Offer.

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.

Hariom Pipe Industries also caters to diverse end-use industries, which results in strong sales as infrastructure & agriculture sector are witnessing strong growth. The company caters to end-use industries that includes housing, infrastructure, agriculture, automotive solar, fabrication and engineering.

The company’s credit rating for long term has been upgraded from ‘CRISIL BBB / Stable’ to ‘CRISIL Triple BBB+ Outlook: Stable’ (pronounced Triple B plus Stable outlook) by CRISIL in fiscal 2022.