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Hariom Pipe Industries IPO: Total subscription at 1.48 times, retail portion booked 3.55 times on Day 2 of bidding

Hariom Pipe Industries IPO | The Hyderabad-based steel product manufacturer is looking to mop up Rs 130 crore at the higher end of the price band of Rs 144-153 a share

March 31, 2022 / 05:15 PM IST
 
 
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The initial public offering (IPO) of Hariom Pipe Industries had been subscribed 1.48 times on March 31, the second day of bidding, receiving bids for 1.26 crore equity shares against an offer size of 85 lakh shares.

Retail investors remain at the forefront, subscribing 3.55 times their allotted quota, while non-institutional investors had put in bids for 32 percent of the shares reserved for them and qualified institutional investors bought 44 percent shares of allotte quota.

The Hyderabad-based steel product manufacturer is looking to mop up Rs 130 crore at the higher end of the price band of Rs 144-153 a share.

"At the higher price band, Hariom is demanding an enterprise value/sales multiple of 1.4x (to its FY21 sales), which is at discount to the peer average of 1.7x. Annualising the H1 FY22 revenue, the demanded EV/S multiple is less than 1x, thus the issue is attractively priced," said Rajnath Yadav of Choice Broking.