Hariom Pipe make stellar debut; stocks list at 44% premium

13 Apr 2022 , 03:19 PM

Shares of Hariom Pipe Industries made a strong debut on Wednesday. The shares opened with a premium of nearly 44 per cent against the issue price of Rs153.

The stock made its debut at Rs214, with a jump of 39.86 per cent against the issue price on the BSE. On the NSE, it opened at Rs220, a gain of 43.79 per cent from the issue price.

The stock is currently trading at Rs224.70 up by Rs71.7 or 46.86% from its previous closing of Rs153 on the BSE.

The scrip opened at Rs214 and has touched a high and low of Rs224.70 and Rs214 respectively.

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.