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Hariom Pipe Industries IPO subscribed 3.44 times

Published on Apr 04, 2022 17:15

The initial public offer (IPO) of Hariom Pipe Industries received bids for 2,91,99,786 shares as against 85,00,000 shares on offer, according to stock exchange data at 17:00 IST on Monday (4 April 2022). The issue was subscribed 3.44 times.

The issue opened for bidding on Wednesday (30 March 2022) and it will close on Tuesday (5 April 2022). The price band of the IPO is fixed at Rs 144 - Rs 153 per share. An investor can bid for a minimum of 98 equity shares and in multiples thereof.

The offer comprises fresh issue of 85,00,000 equity shares with Rs 130.10 crore at upper price band of Rs 153 and Rs 122.40 crore at lower price band of Rs 144. The company proposes to utilize the net proceeds from the issue towards funding capital expenditure requirements amounting Rs 50.05 crore, funding the working capital requirements amounting Rs 40 crore and balance towards general corporate purposes.

HariomPipe Industries is an integrated manufacturer of mild steel (MS) pipes, scaffolding, HR (hot rolled) strips, MS billets and sponge iron. The company uses iron ore to produce sponge iron which is then processed across various stages to manufacture final products viz. MS pipes and scaffolding.

The company reported a net profit of Rs 12.87 crore and total income of Rs 200.87 crore for the six months ended September 2021.

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