Hariom Pipe Industries' IPO to open on March 30, 2022; check details here
The price band for the Issue has been determined a Rs 144 – Rs 153 per equity share. /Representative image |
Hyderabad-based Hariom Pipe Industries Limited is proposing to open its initial public offering of Equity Shares on Wednesday, March 30, 2022 for Subscription and close on Tuesday, April 5, 2022.
The price band for the Issue has been determined a Rs 144 – Rs 153 per equity share. Investors can bid for a minimum of 98 equity shares and in multiples of 98 equity shares thereafter.
The public issue comprises issue of up to 85,00,000 equity Sshares of the Company.
The Issue is being made through the Book Building Process, in terms of Regulation 6(1) of the SEBI ICDR Regulations, wherein not more than 30 percent of the Issue shall be available for allocation to Qualified Institutional Buyers, not less than 35 percent of the Issue shall be available for allocation to Non-Institutional Investors and not less than 35 percent of the Issue shall be available for allocation to Retail Individual Bidders.
Funds to be used for
The proceeds from the issue worth Rs 50.05 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.
About the firm
Headquartered in Hyderabad, Telangana, Hariom Pipe Industries Limited manufactures steel products and has a wide distribution network in South India, it said in a press statement. The Company is an integrated manufacturer of Mild Steel (MS) Billets, Pipes and Tubes, Hot Rolled (HR) Coils Scaffolding and Sponge Iron and caters directly and indirectly to customer requirements in various sectors such as Housing, Infrastructure, Agriculture, Automotive, Solar Power, power, cement, mining and Engineering.
The expansion of furnace will ensure availability of primary raw materials i.e. MS Billets which is used in the production of HR Strips. HR Strips are used as main raw material in its Pipe Mills. The new electric melting furnace will also help in ensuring availability of HR strips for its additional pipe mills. Thus leading to backward integration of its product line.
The EBIDTA margin of the Company for fiscal 2021 is 13.72 percent. The total income and profit after tax for six months period ended September 30, 2021 stood at Rs. 201.16 crores and Rs. 12.87 crores respectively.
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 with Stable outlook) by CRISIL in the fiscal 2022.
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