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.
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