Hariom Pipe Industries IPO: Opens today; find the key details
Hariom Pipe Industries IPO: Opens today
Hyderabad-based Hariom Pipe Industries Ltd will launch its initial public offering (IPO) today, i.e. March 20, 2022. The company has set the price band for its initial public offering at Rs 144-153 per share. The IPO will remain open till April 5, 2022.
The IPO comprises a fresh issue of up to 8.5 million shares. Investors can bid for a minimum of 98 shares and in multiples of 98 shares thereafter. The minimum investment by a retail investor is Rs 14,994 for a single lot of 98 shares and the maximum investment is Rs 1,94,922 for 13 lots (1,274 shares).
The company plans to raise Rs 122.4 crore at the lower end of the price band and Rs 130.05 crore at the upper end. The net proceeds from the offer will be used to fund capital expenditure (Rs 50.05 crore) (Rs 40 crore) and working capital requirements.
Allotment will be on April 8, 2022, and initiation of refunds on April 11, 2022, and the issue will be listed on April 13, 2022.
ITI Capital Limited is the Book Running Lead Manager of the public issue while Bigshare Services Private Limited is the registrar.
Hariom Pipe's IPO is the third and final initial public offering to open in March 2022. The other two IPOs that have already opened are Veranda Learning Solutions and Uma Exports.
Hyderabad-based Hariom Pipe is an integrated manufacturer of Mild Steel (MS) Pipes, Scaffolding, HR Strips, MS Billets, and Sponge Iron. It uses iron ore to produce Sponge Iron which is then processed across various stages to manufacture our final products viz. MS Pipes and Scaffolding making our manufacturing process cost-effective.
The company cater to the southern and western Indian markets for its products. 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 them are used for captive consumption in the manufacturing of MS Pipes and Scaffolding.
The company manufactures MS Pipes and Scaffoldings of more than one hundred fifty (150) different specifications and cater, directly and indirectly, to customer requirements in various sectors such as housing, infrastructure, agriculture, automotive, power, cement, mining, solar power and engineering.