Hariom Pipe Industries’ initial public offering had been subscribed 1.67 times, mopping up bids for 1.41 crore equity shares against an IPO size of 85 lakh shares on April 1, the third day of bidding.

Retail investors are once again at the forefront, bidding 4.08 times their allotted quota of shares. The portion set aside for qualified institutional buyers was subscribed 44 percent and that of non-institutional investors 32 percent.

The issue, which closes on April 5, will fetch Hariom Pipe Industries Rs 130 crore at the upper price band, which has been fixed at Rs 144-153.

Key things about the Hariom Pipe public issue:

Bidding for the shares on offer will start on March 30 and end on April 5. The anchor book, if any, will open for a day on March 29.

The shares will be offered in the range of Rs 144 to Rs 153 each, which are 14.4 and 15.3 times, respectively, the face value (Rs 10) of the 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 IPO is an offer of 8.5 million shares.

Reserved portions and lot size

The company has reserved 30 percent of the offer for qualified institutional buyers and 35 percent each for retail and non-institutional investors.

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).

Hariom Pipe Industries files IPO papers with Sebi

Hariom Pipe’s initial public offering (IPO) will start on March 30, and end on April 5, 2022. It expects to raise 130.05 crores via its first public offering. A full-service producer of mild steel (MS) pipes, scaffolding, HR strips, billets, and sponge iron, Häriom Pipe offers a wide range of products. It is used to generate sponge iron, which is then processed through several steps to build our final goods, which include MS pipes and scaffolding, resulting in a more cost-effective production process for the company.

Its purpose is to build a manufacturing facility in Sangareddy, Telangana, with an annual capacity of 51,943 tonnes, which would serve the local market. From 84,000 million tonnes to 1,32,000 million tonnes, the business plans to enhance its mild steel pipe production capacity from the current 84,000 million tonnes. As a result, two pipe mills will be built, and the furnace capacity of the company will be increased from 95,832 to 1,04,232 mtpa.

Its purpose is to build a manufacturing facility in Sangareddy, Telangana, with an annual capacity of 51,943 tonnes, which would serve the local market. From 84,000 million tonnes to 1,32,000 million tonnes, the business plans to enhance its mild steel pipe production capacity from the current 84,000 million tonnes. As a result, two pipe mills will be built, and the furnace capacity of the company will be increased from 95,832 to 1,04,232 mtpa.

The IPO is to open on 30 March 2022 for QIB, NII, and Retail Investors.

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