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IPO

Hariom Pipe IPO oversubscribed

Moneycontrol  

The Rs 130 crore share sale of Hyderabad-based Hariom Pipe has been oversubscribed. The public issue received bids for 6.74 crore equity shares as against 85 lakh units on offer. The IPO received strong response from retail investors. The entire portion reserved for them was subscribed 12.15 times. On the other hand, the portion for qualified institutional buyers was subscribed 1.91 times and that of non-institutional investors was subscribed 8.87 times. Hariom Pipe manufactures iron and steel products including mild steel (MS) pipes, scaffolding, HR strips, MS billets and sponge iron. The company sells and markets MS pipes in the western and southern parts of India through more than 1,400 distributors and dealers. For FY21, the company had recorded 91.5 percent growth in profit at Rs 15.13 crore compared to previous year, and its revenue rose 58 percent to Rs 254.13 crore. For the first half of FY22, it reported a profit of Rs 12.87 crore on revenue of Rs 200.87 crore.