Harium Pipe Industries was oversubscribed 7.93 times in the last day

Hariom Pipe Industries’ initial public offering (IPO) of Rs 130 crore was subscribed 7.93 times on the last day of bidding on Tuesday on the back of strong support from retail investors.

The public issue received bids for 6.74 crore shares for 85 lakhs offered, which translates to 7.93 times subscription, according to data available on the NSE website.

The IPO received a strong response from retail investors as the allotted portion was oversubscribed 12.15 times, followed by non-institutional investors (8.87 times) and qualified institutional buyers (1.91 times).

The issue, which began underwriting on March 30, concluded on April 5.

Hariom Pipe Industries is expected to fetch Rs 130 crore at the higher end of the Rs 144-153 price range. The proceeds generated will be used to fund the capital expenditure requirements and working capital requirements and the remainder for the general purposes of the company.

The Hyderabad-based company manufactures steel products and has an extensive distribution network in South India. It caters to clients in various sectors such as housing, infrastructure, agriculture, automobiles, solar energy, energy, cement, mining and engineering.

(The title and image for this report may have been reformulated only by the Business Standard staff; the rest of the content is automatically generated from a shared feed.)

Dear Reader,

Business Standard has always strived to provide the latest information and commentary on developments that matter to you and that have broader political and economic implications for the country and the world. Your continued encouragement and feedback on how we can improve our offerings has made our resolve and commitment to these ideals even stronger. Even during these challenging times brought about by Covid-19, we continue our commitment to keeping you updated with trusted news, authoritative opinions and insightful commentary on relevant topical issues.
However, we have a request.

As we fight the economic impact of the pandemic, we need your support even more, so we can continue to bring you more quality content. Our subscription form has seen an encouraging response from many of you, who have subscribed to our content online. Further subscribing to our online content can only help us achieve our goals of providing better and more relevant content. We believe in free, fair and credible journalism. Your support with more subscriptions can help us practice the journalism we are committed to.

Support quality press and Subscribe to Business Standard.

digital publisher

Leave a Reply

Your email address will not be published. Required fields are marked *