The initial public offering (IPO), led by iron and steel products maker Hariom Pipe Industries, saw a subscription of around 67 per cent against its total issue size on the first day. On Wednesday, Hariom Pipes launched its IPO midway to raise from 122.4 crores 130.05 crores.
On NSE, cumulative data showed that on Day 1, the IPO received bids of 56,67,536 equity shares against the proposed size of 85,00,000 equity shares – a subscription of 67%. The IPO was heavily driven by retail investors.
The portion reserved for retail individual investors (RIIs) was oversubscribed by 1.88 times, while the portion reserved for non-institutional investors was subscribed by only 3%. There was no bidding from Qualified Institutional Buyers (QIBs) on the first day.
Under the IPO, 30% of the issue is reserved for QIBs, while 35% each is earmarked for NII and RII.
The IPO will be available for subscription till April 05. a price band of from 144 153 each have been fixed on this issue. The issue is 100 percent book making. The bid lot will be in 98 equity shares and multiples thereof.
ITI Capital is acting as the book-running lead manager of the IPO.
The tentative date for allotment of shares is April 8, 2022. The tentative date for the share listing of Hariom Pipes is 13 April 2022 and the shares will be listed on both NSE and BSE.
Hariom Pipe Industries is a premium manufacturer of iron and steel products. The company has grown strongly to grow into an integrated steel manufacturer with a strong presence in the South Indian market. With a diverse product portfolio comprising Mild Steel (MS) Billets, Pipes & Tubes, Hot Rolled (HR) Coils and Scaffolding Systems, our high quality products meet a wide variety of industrial applications across a range of sectors.
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