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Hariom Pipe Industries IPO subscribed 67% on first day; retail investors booked 1.88 times

Hariom Pipe Industries IPO | The manufacturer of mild steel billets, pipes and tubes, and hot rolled coils scaffolding is aiming to raise Rs 130 crore through the issue at the upper end of the price band.

March 30, 2022 / 06:51 PM IST

The initial public offering of Hyderabad-based Hariom Pipe Industries received bids for 56.67 lakh shares against an IPO size of 85 lakh shares, getting subscribed 67 percent on March 30, the first day of bidding.

Retail investors bid for 1.88 times of their quota and non-institutional investors put in bids for 3 percent shares of reserved quota, while qualified institutional buyers are yet to bid.

Up to 30 percent of the issue is for qualified institutional buyers, and up to 35 percent each is reserved for non-institutional and retail investors.

The maker of mild steel (MS) billets, pipes and tubes, and hot rolled (HR) coils scaffolding is going to raise Rs 130 crore through the issue at the upper end of the price band.