Hariom Pipe IPO subscribes 67%, issue closes on April 5
MUMBAI, Mar 30 (The CONNECT) - The Initial Public Offering (IPO) of Hariom Pipe Industries Limited has received bids of 56,67,536 shares against the offered 85,00,000 equity shares, at a price band of ₹144-153, according to the data available on the BSE website. Overall the issue was subscribed 67% on the first day of bidding.
Retail investors showed interest in the IPO -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 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 issue will close on April 5 and ITI Capital Limited is the sole Book Running Lead Manager to the Offer.