The Initial Public Offering (IPO) of Hariom Pipe Industries Limited, an integrated manufacturer of Mild Steel (MS) Pipes, Scaffolding, HR Strips, MS Billets, and Sponge Iron, received bids of 56,67,536 shares against the offered 85,00,000 equity shares, at a price band of Rs 144-153, according to the data available on the BSE website. Overall the issue was subscribed 67 percent on the first day of bidding.
Retail investors showed interest in the IPO as the portion set aside for them was subscribed 1.88 times. The reserved portion of non-institutional investors witnessed a subscription of 0.03 times. Qualified institutional investors are yet to bid for subscriptions.
The public issue comprises issue of up to 85,00,000 Equity Shares of the Company. 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.
Headquartered in Hyderabad, Telangana, Hariom Pipe Industries Limited manufactures steel products and has a wide distribution network in South India. 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 offer of Hariom Pipe Industries will open for subscription on March 30 and close on April 5. The price band for the offer has been fixed at Rs 144-153 per share.
ITI Capital Limited is the sole Book Running Lead Manager to the Offer.