Hariom Pipe Industries' IPO subscribed 7.93 times on final day; Retail portion booked 12.15 times

6 Apr 2022 , 07:56 AM

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 6,74,04,596 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 7.93 times on the final day of bidding.

The Retail portion was the most subscribed with 12.15 times followed by non-institutional investors with 8.87 times. The reserved portion of qualified institutional buyers witnessed a subscription of 1.91 times.

The issue kicked off for subscription on Wednesday, March 30 and closes on Tuesday, April 5.

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; Rs. 40 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.