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Hariom Pipe Industries Limited (HPIL) has filed its draft red herring prospectus with the SEBI for its initial public offering to raise ₹100-120 crore.
The net proceeds from the proposed IPO will be used to fund its capital expenditure, working capital requirements besides expenses for general corporate purposes. The equity shares have a face value of ₹10 each, according to the people aware of the development.
The Hyderabad-based company, incorporated in 2007, is engaged in diverse range of steel products with wide distribution network across India. The third generation entrepreneur-led company portfolio consists of mild steel (MS) billets, pipes and tubes, hot rolled (HR) coils and scaffolding
Systems and caters to diverse end use industries such as housing, infrastructure, agriculture, automotive, solar, fabrication and engineering. All intermediate products required for the manufacturing of its final products are produced in-house.
New manufacturing plant
HPIL plans to set up a new manufacturing plant in Sangareddy, Telangana with a total estimated installed capacity of 51,943 tonnes per annum. It plans to commence production in FY21. As on October 2019, across its 6 manufacturing facilities, it has an installed capacity of nearly 2.41 lakh tonnes per annum. For fiscal 2021, it’s total income stood at ₹254.82 crore against ₹161.15 crore a year ago and logged a profit of ₹15.13 crore (₹7.9 crore). ITI Capital is the book-running lead manager to the issue.
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