The ₹130.05-crore IPO of iron and steel products manufacturer Hariom Pipe Industries was subscribed 1.48 times on the second day of issue opening. Hari Om Pipe launched its initial public offering (IPO) on Wednesday at a price band of ₹144 to ₹153 apiece with a market lot of 98 shares. The IPO will close on April 5 for public subscription.
While the portion reserved for retail individual investors was oversubscribed 3.55 times, the quota reserved for non-institutional investors subscribed by merely 0.32 times. Qualified institutional buyers (QIB) was subscribed 0.44 times.
The company has reserved 30 per cent of the offer for qualified institutional buyers and 35 per cent each for retail and non-institutional investors.
The net proceeds from the issue will be used for capital expenditure (₹50.05 crore), and working capital requirements (₹40 crore), besides general corporate purposes.
Hariom Pipe Industries is a premium manufacturer of iron and steel products. The company has gone from strength to strength, evolving into an integrated steel manufacturer with a stronghold in the South Indian market and a diverse product portfolio consisting of mild steel (MS) billets, pipes and tubes, hot rolled (HR) coils, and scaffolding systems.