Hariom Pipe IPO

Hariom Pipe Industries Limited’s initial public offering (IPO) was taken 1.67 times on the third day of the auction, receiving bids for 1.41 crore equity shares against a bid size of 85 lakh shares.

Thirty percent of the issue is reserved for qualified institutional buyers and up to 35 percent each for non-institutional and retail investors.

Retail investors continue to remain at the forefront, bidding 4.08 times their allocated share quota, while non-institutional investors had bid for 32% of the shares reserved for them. Qualified institutional investors purchased 44% of the shares of the allocated quota.

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The Hyderabad-based steel products maker is looking to raise Rs 130 crore via the issue at the higher end of the price range. The price range has been set at Rs 144-153 per share for Hariom Pipe’s IPO.

The company will use Rs 50.05 crore of the issuance proceeds for capital expenditure, Rs 40 crore for working capital and the rest for general corporate purposes.

The company will finalize the share allocation by April 8 and credit the shares to eligible investors by April 12, according to reports. Unsuccessful investors will receive their refunds by April 11.

Hariom Pipe shares will be listed on the BSE and NSE exchanges on April 13.

Hariom Pipe markets and sells MS pipes in South and West India. A significant portion of the sponge cast iron, MS billets and HR strips produced by the company is used for captive consumption in the manufacture of MS pipes and scaffolding.

(Edited by : Priyanka Deshpande)


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