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The ₹130.05-crore initial public offering (IPO) of iron and steel products manufacturer Hariom Pipe Industries was subscribed 1.88 times on the third day of issue opening. Hariom Pipe launched its 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.
Retail investors pour in money
While the portion reserved for retail individual investors was oversubscribed 4.66 times, the quota reserved for non-institutional investors was subscribed by merely 0.33 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.
Utility of funds
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.
Also read
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.
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