Hariom Pipe Industries IPO subscribed 1.88 times on 3rd day; retail investors booked 4.66 times

The Rs 130.05-crore initial public offering (IPO) of Hariom Pipe Industries closed with 1.88 times subscription on April 1, 2022, the third day of bidding. It mopped up bids for 1,59,48,226 equity shares against an IPO size of 85,00,000 shares on.

Retail investors were at the forefront as they placed bids for 1,38,63,668 equity shares against 29,75,000 equity shares. The retail individual investors (RIIs) portion was subscribed 4.66 times. The portion set aside for qualified institutional buyers (QIBs) was subscribed 0.44 times and that of non-institutional investors was 0.33 times.

The issue will close on April 5, 2022. The price band for the 85 lakhs share issue has been fixed at Rs 144-153 per share. Investors can bid for a minimum of 98 shares and in multiples of 98 shares thereafter.

The funds will be utilised for capital expenditure and meeting working capital requirements, besides general corporate purposes.

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.

Hyderabad-based Hariom Pipe Industries is an integrated manufacturer of mild steel (MS) pipes, scaffolding, HR strips, MS billets, and sponge iron. It manufactures MS pipes and scaffoldings of more than 150 different specifications and caters to customers in various sectors such as housing, infrastructure, agriculture, automotive, power, cement, mining, solar power and engineering.