Hariom Pipe Industries IPO subscribed 42% on first day

March 30, 2022

Hariom Pipe Industries IPO: The manufacturer of pipes and tubes, mild steel billets, and hot rolled coils scaffolding is aiming to raise ₹ 130 crore through the issue at the upper end of the price band.

The first day of bidding, the IPO of Hyderabad-based Hariom Pipe Industries received bids for 35.70 lakh shares against an IPO size of 85 lakh shares, getting subscribed 42% on March 30.

The price band for 85 lakh share issue has been fixed at ₹ 144-153 per share. The offer will close on April 5.

Retail investors bid for 1.2 times of their quota, while qualified institutional buyers and non-institutional investors are yet to bid.

Up to 30% of the issue is for qualified institutional buyers, and up to 35% each is reserved for non-institutional and retail investors.

Hariom Pipe caters to the western and southern Indian markets. Its MS pipes are marketed and sold in these geographies under the brand name Hariom Pipes. A substantial portion of the sponge iron, MS billets and HR strips produced by the company is used for captive consumption in manufacturing scaffolding and MS pipes.

The maker of mild steel (MS) billets, pipes and tubes, and hot rolled (HR) coils scaffolding is going to raise ₹ 130 crore through the issue at the upper end of the price band.

Hariom Pipe Industries premium manufacturer of iron and steel products. The company has gone from strength to strength, evolving into an integrated steel manufacturer with a stronghold in the South Indian market. With a diverse product portfolio consisting of Mild Steel (MS) Billets, Pipes and Tubes, Hot Rolled (HR) Coils and Scaffolding Systems, our top-quality products cater to a variety of industrial applications across multiple sectors.

Source: Money Control

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